Rasan inks MoU to acquire 55% stake in Holoul Financing

Logo of Rasan Information Technology Co. 

Rasan Information Technology Co. signed a non-binding memorandum of understanding (MoU) on Feb. 24 with Holoul Financing for Financial Technology Co. to acquire a 55% stake in the company.

In a statement to Tadawul, Rasan said that the MoU is valid for 180 days from the signing date.

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No financial advisor has been appointed for this phase. However, a specialized advisor will be engaged to conduct financial and legal due diligence, the company added.

The MoU includes standard clauses on confidentiality, exclusivity, and restrictions on certain key activities. The completion of the potential transaction is contingent on both parties reaching a final binding agreement outlining the terms and conditions, including regulatory approvals. The signing of the MoU does not guarantee that a final agreement will be reached or that the transaction will proceed, Rasan noted.

Holoul Financing has committed to providing all necessary documents to the financial and legal due diligence advisors, who will be appointed by Rasan.

The deal’s completion depends on the successful completion of due diligence, followed by negotiations on a final binding agreement.

In all cases, the transaction remains subject to several conditions, including obtaining regulatory approvals in line with relevant laws and regulations, Rasan said.

The financial impact of the deal cannot be determined at this stage, Rasan added, stating that any material developments regarding the final acquisition agreement will be announced in due course.