SHAKER COMPANY ANNOUNCES THE COMPLETION OF ACQUISITION PROCEDURES OF 20% OF ENERGY MANAGEMENT SERVICES - EMIRATES CO.

Following up to previous announcement of Al Hassan Ghazi Ibrahim Shaker Company (Shaker Co) posted on Tadawul site back on 28-7-2013, concerning the acquiring of 20% share interest in Energy Management Services (EMS) Emirates (LLC) in Dubai, United Arab Emirates, Shaker Company is pleased to announce today Tuesday November 12, 2013 the completion of required procedures, signing before the designated Notary Public in Dubai on the selling agreement and transferring the ownership of 20% of EMS Co. Shares to Shaker Company.
Additionally, and as agreed to, the capital of EMS has been increased from UAE Dirham (AED) 1,500,000 up to AED 3,375,000 equivalent to SAR 3,442,500 divided into 225 shares out of which 45 shares is allocated and owned by Shaker Company as of today with value AED 675,000 equivalent to SAR 688,500 noting that the balance amount of the agreed US$ 1 Million showing approximately AED 1,800,000 to be paid by EMS company partners based on each partner share interest which will be recorded as part of company equity. Accordingly, the Certificate of Registration (CR) will be amended to reflect the new capital structure and to reflect the new ownership of Shaker Company acquired interest.
It is worth reemphasizing that Shaker is financing this transaction and its share of the capital increase from its internal financial resources and it is expected to be reported within its reviewed Fourth Quarter of current year 2013 and Year End 2013 audited consolidated financials; reported as an investment on an Equity basis.