Elm starts preliminary discussions for acquisition of 100% of Public Investment Fund shares in Thiqah Business Services

Elm Company announced the commencement of preliminary discussions with Thiqah Business Services Company to study the proposed acquisition of 100% of the shares owned by the Public Investment Fund (PIF) in Thiqah Business Services Company (the “Proposed Transaction”),

The company stated on Monday on Tadawul that these discussions do not necessarily mean that the Proposed Transaction will take place between the two parties, declaring that in case an agreement is made to proceed with the Proposed Transaction, this will be subject to certain conditions and obtaining approvals of the relevant regulatory authorities and the approval of the extraordinary general assembly of Elm Company, if required.

The Proposed transaction includes a related party, being the Public Investment Fund as a substantial shareholder in both companies.

The Company will announce any material developments regarding the Proposed Transaction in due course in accordance with the relevant rules and regulations.