Riyadh – Sharikat Mubasher: Saudi AZM for Communication and Information Technology announced it has signed a non-binding memorandum of understanding (MoU) with Azm Financial Technology to explore the potential acquisition of 100% of the fintech company's shares, according to a disclosure to Tadawul. The proposed transaction remains subject to due diligence, valuation, regulatory approvals and the signing of definitive agreements.
The MoU, signed on 1 August, establishes a framework for Saudi AZM to conduct legal, financial, tax and zakat due diligence before determining the transaction's value, payment structure and final terms. It also includes confidentiality obligations and grants the company exclusivity during the negotiation period.
The agreement will remain in effect for 12 months unless both parties agree otherwise.
Saudi AZM said the proposed acquisition involves related parties, including Chairman Majed Saad Al-Osaimi, Chief Executive Officer Ali Mohammed Al-Ballaa and Firas Mahmoud Al-Mosli, who hold positions or ownership interests in both companies. Any additional related parties will be disclosed if required.
The company added that there is currently no financial impact from the MoU and appointed Alistithmar Capital as financial adviser for the potential transaction. It noted there is no guarantee that the parties will reach a binding agreement or complete the acquisition and pledged to disclose any material developments in accordance with market regulations.
