Further to the announcements dated 30 June 2013 regarding the memorandum of understanding in respect of a subsidiary of Etihad Itisalat Company (Mobily) (namely Bayanat Al-Oula for Network Services Co. Ltd (Bayanat)) acquiring a controlling interest in Etihad Atheeb Telecom (GO) (Etihad Atheeb) from certain founding shareholders, we announce that Bayanat has signed a memorandum of understanding (MoU) on 20th Aug 2013 with certain founding shareholders of Etihad Atheeb namely Atheeb Trading Company, Al Nahla for Trading and Contracting Company, Traco Group for Trading and Contracting and the Saudi Internet Company outlining the basis on which definitive agreements are expected to be executed for Bayanat to acquire a controlling interest in Etihad Atheeb.
Amongst other things, the MoU provides that the proposed transaction is subject to certain conditions being fulfilled prior to November 30, 2013 which is limited to 102 days, including required regulatory approvals including the Communication and Information Technology Commission, completion of a (commercial, financial, technical and legal) due diligence exercise satisfactory to Bayanat and the parties executing definitive agreements for the proposed transaction.
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