Obtaining SAMA approval, Al Rajhi Bank acquires Ejada Systems Limited

Alrajhi Bank (the “Bank”) announced on Sunday that it obtained the Saudi Central Bank’s approval on completion the acquisition transaction and the issuance by the General Authority for Competition of its non-objection with respect to the completion of the economic concentration transaction through the acquisition by the Bank of the entirety of the shares in Ejada Systems Limited (“Ejada”).

The Bank entered into a share sale and purchase agreement on 08/12/2021 with the selling shareholders of Ejada pursuant to which the Bank agreed to acquire the entirety of the shares in Ejada. The completion of the acquisition is subject to customary completion conditions which are in the process of being satisfied or waived in accordance with terms of the agreement.

The Bank also confirms that there are no related parties in connection with acquisition.