Shaker Signs Non-Binding MoU for Possible Investment in Cashew KSA

Alhassan Ghazi Ibrahim Shaker Company (“Shaker”), Saudi Arabia’s leading importer, manufacturer and distributor of Air conditioners and Home Appliances, announced on Monday the signing of a (non-binding) memorandum of understanding with (“Cashew Payments Holding ltd.”) for a proposed possible investment by Shaker to launch the activities of Cashew KSA and support its growth as a strong market participant for fintech solutions in the kingdom.

Shaker’s proposed possible investment in Cashew KSA to launch its operations in Saudi Arabia and support it to gain and grow its market share as a leading buy now pay later (BNPL) provider in the kingdom.

Upon the final agreement between both parties, the shareholding structure of Cashew KSA will be as follows: Shaker shareholdings of up to 40% and Cashew Payments Holding Limited shareholding at no less than 60%

This Memorandum shall stand automatically terminated upon execution of the definitive agreements or lapse of the exclusivity period (or such agreed extended time period), as may be agreed by both parties, whichever is earlier. Exclusive Period shall mean a period of ninety (90) days from the effective date.

The financial impact of this announcement cannot be determined at this stage. Shaker will announce any meaningful developments in this regard at the appropriate time.