Theeb signs MoU to invest in smart tech solutions company

Theeb Rent a Car signs MoU to explore potential investment opportunity

Theeb Rent a Car Co. signed on Aug. 31 a preliminary, non-binding memorandum of understanding (MoU) with Riyadah for Evaluation Co., a limited liability company specialized in smart technology solutions for managing rental operations and vehicle fleets.

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In a statement to Tadawul, the company pointed out that the MoU aims to explore a potential investment opportunity in the company and to establish a framework for mutual understanding regarding the initial rights and obligations between both parties.

The agreement will also facilitate the completion of financial and legal due diligence, as well as the determination of the investment percentage and transaction value.

The MoU includes standard provisions governing the confidentiality of information, the statement added. It will remain in effect for 180 days from the date of signing, with the possibility of extension upon mutual written agreement.

The MoU currently has no financial impact, the company noted, adding that there are no related parties to the deal.

The company added that any significant updates will be disclosed in due course.