Raoom trading Company (SASE:9529) signed a non-binding memorandum of understanding (MoU) to acquire Qassim Corrugated Box Factory Co on March 8, 2023. According to a filing to Tadawul, the company said the MoU will be effective for 120 days from the signing date and may be renewed with the consent of the two parties. In case of approving the deal, the implementation mechanism includes the issuance of new shares for the shareholders of Qassim Corrugated Box Factory in Raoom. The final agreements will be signed after completing the necessary studies and due diligence. The transaction might involve related parties, and such details will be announced in due course. The deal is subject to the satisfactory completion of financial, tax and legal due diligence. It also pending obtaining the regulatory approvals from the competent authorities and the extraordinary general meeting. Wasatah Capital, Advisory Arm acted as financial advisor to Qassim Corrugated Box Factory Co.
Qassim Corrugated Box Factory's revenue exceeds SAR 90 million.