Osool & Bakheet finalizes AOT’s conversion into closed joint-stock company

Logo of Osool & Bakheet Investment Co. 

Osool & Bakheet Investment Co. completed the procedures to convert Advanced Operation Technology Co. (AOT) into a closed joint-stock company, along with the transfer and registration of the acquired ownership under Osool & Bakheet, a statement said to Tadawul today, May 15.

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According to data available with Argaam, Osool & Bakheet signed an agreement in July 2024 with the owners of AOT to acquire 51% of the company’s total shares for SAR 5.1 million.

Osool & Bakheet’s shareholders approved the acquisition in February, subject to preferential terms.

As part of the agreement, the sellers transferred their full shares in AOT to Osool & Bakheet, enabling the latter to acquire a 51% stake.

In return, the buyer waived its right to subscribe to a maximum of SAR 2 million on behalf of seller Samiah AlYahya, and a maximum of SAR 3.334 million on behalf of seller Abdulrahman AlYahya, should the company be publicly offered in the future.

This obligation granted by the buyer to the sellers is valid for 10 years from the date of the agreement signing. The exact mechanism for implementing this agreement will be determined later in a manner consistent with applicable regulations.