Savola GA agrees to sell company 11.47% shares in Knowledge City to Taiba

The Savola Group Board announced on Wednesday the results of the General Assembly (GA) Meeting No. (42) Which was held on Tuesday 20 September 2022 (as per Um Al-Qura Calendar) after satisfying the required legal quorum for the GA meeting as per the Company’s bylaws.
The Voting Results on the Items of the General Assembly’s Meeting Agenda’s:
With the majority of votes, the GA approved the agenda item related to the businesses and contracts which will be executed between Savola Group and Taiba Investments Company, in which Mr. Badr Al Issa (Savola Vice-Chairman) and two of Savola Board members (Mr. Mohammed Al Issa and Eng. Mutaz AlAlazzawi) have an indirect interest. Both Mr. Badr Al Issa and Mohammed Al Issa have a relative who is a major shareholder in Taiba investment Co. (the buyer) and Eng. Mutaz Al Azzawi has a relative in Taiba investment Co. who is a Board Member. The agreement is to sell Savola’s entire shares of 11.47% that includes (6.40%) as direct ownership in Knowledge Economic City Co. and (5.07%) as indirect ownership through its shareholding in Knowledge Economic City Developers Co. Limited after obtaining the necessary approval of the regulatory authorities or contractual parties.
However, in case the two parties were unable to obtain any of the required approvals to complete the transaction or if they were unable to fulfill any of the legal procedures and conditions precedent within (120) days from the date of the Agreement signature, the two parties, by written agreement, may either cancel the transaction and terminate this Agreement, or extend it for an additional period, or partially cancel the transaction. The transaction total value amounted to SAR 459.26 million and there are no preferential terms.