| Introduction |
Further to the announcement of Umm Al-Qura Cement Company (the “Company”) that was published on the Tadawul website on 12/04/1444 AH (corresponding to 06/11/2022 AD) regarding the signing of a non-binding Memorandum of Understanding on 09/04/1444 AH (corresponding to 03/11/2022 AD) and the addendum announcement regarding the extension of the non-binding memorandum of understanding on 06/10/1444 AH (corresponding to 26/04/2023 AD) in connection with a securities exchange deal with City Cement Company. and whereas the term of the Memorandum of Understanding is six (6) months from the date of its extension. Accordingly, the Company would like to announce that it has been agreed with City Cement Company on 04/04/1445 AH (corresponding to 19/10/2023 AD) to extend this memorandum with the same previous terms and conditions for an additional six months from the date of expiration of the extension of the memorandum of understanding, The extension is due to the Company’s appointment of specialized consultants to complete the necessary procedures to complete the deal and to carry out financial, legal, commercial and technical evaluations, out of the Company’s keenness to complete it in accordance with regulatory procedures and to ensure the accuracy of completing the transaction procedures. |
| Previous Announcement |
Umm Al-Qura Cement Co. Announces an update on the Execution of Memorandum of Understanding with City Cement Co. Acquiring all the issued shares in Umm Al-Qura. |
| Date of Previous Announcement on Tadawul’s Website |
2023-04-26 Corresponding to 1444-10-06 |
| Percentage of fulfilled achievement |
N/A |
| Event’s Expected Completion Date |
Any other substantial update will be announced in due time. |
| Reasons for Exceeding the Announced End Date |
The Company agreed with City Cement Company to extend the non- binding Memorandum of Understanding signed on 04/09/1444 AH (corresponding to 11/03/2022 AD), and an addendum to extend the memorandum of understanding signed on 06/10/1444 AH (corresponding to 26/04/2023 AD), with the same previous terms and conditions for another additional six months from the date of expiration of extension of the memorandum of understanding, in order to complete the necessary procedures in this regard. The extension is due to the company’s appointment of specialized consultants to complete the necessary procedures to complete the deal and to carry out financial, legal, commercial and technical evaluations, out of the company’s keenness to complete it in accordance with regulatory procedures and To ensure the accuracy of completing the transaction procedures. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. |
There is no change in costs associated with the event. |
| Additional Information |
The Company has appointed the Financial Advisor, Legal Advisor, Financial and Tax Due Diligence Advisor and Technical Due Diligence Advisor to carry out the due diligence work, conduct the necessary assessments and final negotiations, sign the agreement and apply to the relevant authorities to obtain the necessary approvals. |
