Sadirat Eyes Entaj Industrial Subsidiary Acquisition with MoU

The Saudi Industrial Export Company, also known as Sadirat, has entered into a non-binding memorandum of understanding (MoU) with Entaj Industrial Services Company to explore the possibility of acquiring either an equity stake or the entire capital of Advanced Energy Trading and Contracting Company. This Riyadh-based potential deal outlines a six-month timeline for the MoU, commencing on November 27, 2024, with provisions for extensions. Despite the absence of a financial advisor at this stage, Sadirat intends to appoint a specialist advisor to facilitate the due diligence process. The completion of this acquisition hinges on meeting multiple conditions, notably obtaining requisite regulatory approvals. It is crucial to note that signing the MoU does not guarantee a final, binding agreement or that the acquisition will ultimately proceed.