Osool & Bakheet to Acquire 51% Stake in AOT for SAR 5.1 Million

Osool & Bakheet Investment Company has announced the signing of a purchase agreement to acquire a 51% stake in Advanced Operations Technology Company for SAR 5.1 million. The completion of the acquisition is contingent upon approval from the General Assembly.

The acquisition aims to bolster Osool & Bakheet’s technical capabilities by integrating with a specialized company in the field. This strategic move is expected to accelerate Osool & Bakheet’s expansion plans within the financial technology sector.

Furthermore, the acquisition aligns with Osool & Bakheet’s strategic objectives for growth and expansion. By leveraging the specialized services offered by Advanced Operations Technology Company, Osool & Bakheet seeks to enhance its position and achieve its long-term strategic goals.

Transaction Conditions:

A – After signing the purchase agreement, it is required for Osool & Bakheet Investment Company to obtain General Assembly approval.

B – After signing the purchase agreement, it is required to convert the entity of Advanced Operations Technology Company from a limited liability company to a closed joint-stock company within (60) days from the date of signing the agreement (the period is extendable).

C – In exchange for the two sellers selling all their shares in the acquired company to Osool & Bakheet (to enable it to own 51% of the company), they have been granted the following if the company is listed on the capital market in the future:

1 – Osool & Bakheet (the buyer) will waive their subscription right:

* With an amount of 2,000,000 Saudi Riyals at most, granted to the seller (Mrs. Samia Yahya Abdullah Al-Yahya) for subscription.

* With an amount of 3,334,000 Saudi Riyals at most, granted to the seller (Mr. Abdulrahman Yahya Abdullah Al-Yahya) for subscription.

2 – Osool & Bakheet (the buyer) and the other sellers will grant the two sellers mentioned in paragraph 1 above the right to participate in the subscription of the acquired company with a 20% discount on the offering price.

D – The duration of this commitment granted by the buyer to the two sellers is 10 years from the date of signing the purchase agreement, in accordance with the mechanism to be agreed upon at that time without conflicting with the relevant regulations and laws.

In addition to other regulatory and commercial terms.

Parties of the Transaction

The First Party: Osool & Bakheet Investment Company as the buyer.

The Second Party: The owners of Advanced Operations Technology Company (with ownership percentages agreed upon among the owners) as the sellers.

Advanced Operations Technology Company is a leading Saudi company in the field of Information Technology, with head quarter in Riyadh. Since its establishment in 2003, the Company has achieved numerous successes in its field by providing pioneering technological services to a wide range of companies across various sectors. It is licensed, according to the CR (commercial register), to conduct the following businesses and services:

– Providing network management and monitoring services for telecommunications and information networks.

– Designing and programming custom software.

– Systems analysis.

– Installing and extending computer and telecommunications networks.

– Repairing and maintaining engines, systems, and both information storage devices.

fixed and portable.

– Wholesale selling of software, computers, and their accessories.

Company Revenues:

– For the fiscal year ending on 31/03/2022: 14,255,962 Saudi Riyals

– For the fiscal year ending on 31/03/2023: 15,852,306 Saudi Riyals

– For the fiscal year ending on 31/03/2024: 18,341,446 Saudi Riyals

Net Profits:

– For the fiscal year ending on 31/03/2022: 292,843 Saudi Riyals

– For the fiscal year ending on 31/03/2023: 1,616,796 Saudi Riyals

– For the fiscal year ending on 31/03/2024: 2,499,275 Saudi Riyals

*It is worth noting that the company’s fiscal year ends on March 31 of each calendar year.*