Osool & Bakheet announces updates on AOT stake acquisition

Osool and Bakheet Investment Co., as the company announces recent updates on AOT acquisition deal 

Osoul & Bakheet Investment Co. announced, on Aug. 25, the signing of a waiver agreement by Samia Yahya Abdullah Al-Yahya and Abdulrahman Yahya Abdullah Al-Yahya, relinquishing all preferential terms terms (special conditions) granted to them under the agreement for the company’s acquisition of a 51% stake in Advanced Operations Technology Co. (AOT).

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The company clarified the details of these preferential terms in a statement on Tadawul as follows:

First: Subscription rights granted by Osool & Bakheet (the buyer) to the sellers:

· Samia Yahya Abdullah Al-Yahya waived her right to subscribe to up to SAR 2 million in the acquired company in the case of its offering/listing on the capital market.

· Abdulrahman Yahya Abdullah Al-Yahya waived his right to subscribe to up to SAR 3.33 million in the acquired company should it be offered/listed on the capital market.

Second: Right to participate in the subscription with a discount on the offering price granted by Osool & Bakheet (the buyer) and other sellers to the sellers:

· Samia Yahya Abdullah Al-Yahya waived her right to participate in the IPO of the acquired company with a 20% discount on the offering price.

· Abdulrahman Yahya Abdullah Al-Yahya waived his right to participate in the IPO of the acquired company with a 20% discount on the offering price.

The company noted that the preferential terms being waived were originally valid for 10 years from the signing date of the purchase agreement.

It added that the waiver will have a positive future impact as it relieves the company from the obligation to implement the waived preferential terms.

According to Argaam data, Osool & Bakheet signed in February an agreement with the AOT owners to acquire a 51% stake in the company for a total value of SAR 5.1 million.