The United Wire Factories Co. announces the latest developments regarding its previous announcement of signing a memorandum of understanding with A-1 Fence DMCC (UAE)

The United Wire Factories Co. announces the latest developments regarding its previous announcement of signing a memorandum of understanding with A-1 Fence DMCC (UAE)

Element List Explanation
Introduction Further to the announcement of the United Wire Factories Co. (the “Company”) that it has signed a (non-binding) Memorandum of Understanding on February 20, 2022 with A-1 Fence DMCC (UAE) for the possible acquisition of a stake in the ownership of A-1 Fence Arabia Company for Industry (a foreign limited company) and wholly owned by A-1 Fence DMCC (UAE), and its announcement on May 19, 2022 AD, of the extension of the memorandum under an appendix to the memorandum of understanding for a period of (90) ninety days, subject to extension under a written agreement between the two parties,The company is pleased to announce the signing of a Share Purchase Agreement to acquire 30% of the capital of A-1 Fence Arabia for Industry. The agreement is subject to the approval of the General Authority for Competition and other relevant regulatory bodies for its completion
Previous Announcement The United Wire Factories Co. announces the latest developments regarding its previous announcement of signing a memorandum of understanding with A-1 Fence DMCC (UAE) for the possible acquisition of a stake in the ownership of A-1 Fence Arabia Company for Industry (a foreign limited company) wholly owned by A-1 Fence DMCC (UAE)
Date of Previous Announcement on Tadawul’s Website 2022-05-19 Corresponding to 1443-10-18
Percentage of fulfilled achievement The Share Purchase Agreement was signed on August 18, 2022, provided that the agreement is subject to a number of conditions that must be met on October 30, 2022 as a maximum
Event’s Expected Completion Date 05-04-1444 AH Corresponding to 10-30-2022 AD
Reasons for Exceeding the Announced End Date not applicable
The costs associated with the event, and if they have changed or not with indication of the reasons. not applicable
Impact of the Delay on the Company’s Financial Results not applicable
Additional Information There are no related parties regarding the agreement mentioned in the announce

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