Anaam Signs MOU of SR23.5 mlnn to Acquire 55% of ARW Shares

Anaam Holding Group Co. signed on Monday a Non-Binding Memorandum of Understanding (“MOU”) with ARW Industry Company in connection with potential acquisition of 55% of ARW Industry Company with an initial purchase amount of SR 23,500,000.

This acquisition aims to diversify the business of Anaam Holding Group in addition to working to take advantage of the opportunities in this sector, as the Health Sector is of great importance for developing the local economy, diversifying sources of income, and increasing the country’s GDP.

Both parties agreed that upon reaching a final agreement for the potential deal, the consideration for the acquisition will be through cash (Potential acquisition).

The company said in a statement on Monday on (Tadawul) that The MoU shall be effective for a period of 60 days after the signing date, subject to extension with the consent of both parties. The transaction value will be paid by through cash from the company’s internal cash. There are no related parties involved.

Regarding actions to be taken by the Company during the Memorandum’s Duration, Anaam said that they include conducting valuation due diligence exercise and negotiating final agreements.

The procedures for the proposed acquisition are subject to the approval of the competent authorities. Any material developments regarding the Memorandum of Understanding or proposed acquisition will be announced in due course, the company added.

ARW Industry manufactures medical supplies through its factory located in the third industrial area of Jeddah.