Saudi Industrial Export Company Announces (exports) signed a memorandum of understanding with the technical capabilities of the contracting company full takeover

Based on the approval of the Saudi Industrial Export Management, held in the history of 24-04-1438 22-01-2017 approved and included on the Council's approval to acquire the technical capacities of the contracting company.
Saudi Industrial Export Company announces the signing of a memorandum of understanding on 04-05-1438 on 01-02-2017 with the energies of the company (vendors), a limited liability company (the target company), for a period of 6 months from the date, with the Saudi Industrial Export Company aims to acquire the entire assets of the target company from the owners.
 
The MoU was included on the agreement of the parties to determine the preliminary assessment of the acquisition. Parties also tentatively agreed to pay the value of the acquisition by issuing new shares in favor of sellers and by increasing the company's Saudi Industrial Export capital. Knowing that there is no related parties
Saudi Industrial Export Company and has appointed Messrs Investment Capital as financial advisor to the acquisition, which is licensed by the Capital Market Authority to carry out the order and counseling services company, it will be announced on the trading site later for significant developments in this regard.
Company would like to clarify that the capital increase for the purpose of the acquisition is conditional regulatory approval to take the EGM.