Riyadh – Mubasher: Anaam International Holding Group penned a non-binding memorandum of understanding (MoU) with Al Murjan Group Holding Company to acquire the latter’s entire shares in the United Ink Production Company Ltd (UIPC).
Anaam Holding plans to own a 69.33% stake in UIPC, which is a Japanese joint venture (JV) firm with Al Murjan, according to a bourse filing.
Meanwhile, the agreement will be effective for 120 days from the signing date on 2 January 2023, subject to extension with the consent of both sides.
The Tadawul-listed firm noted that it will disclose any further developments regarding the transaction in due course.
Last October, the board of Anaam Holding proposed a SAR 157.50 million capital raise to finance the company’s working capital, lower loan rates, and foster business operations.
In the first nine months (9M) of 2022, the company shifted to net profits after Zakat and tax worth SAR 8.74 million, compared to net losses of SAR 5.04 million in the year-ago period.
Revenues hiked by 204.38% to SAR 17.79 million in 9M-22 from SAR 5.84 million in 9M-21, whereas the earnings per share (EPS) plunged to SAR 0.52 from SAR 1.37.
