PayTabs Group has signed a memorandum of understanding to acquire the entire stake in SeaPay Saudi Financial Services for SAR 35 million, or about $9.3 million, according to Bahr Al-Arab Information Systems.
The agreement is an initial step toward transferring ownership of SeaPay, a Saudi financial services company. The transaction remains subject to due diligence, the signing of a definitive agreement and approvals from the relevant Saudi authorities.
The memorandum will remain valid for six months from the signing date or until the final contract is completed, whichever comes first.
Bahr Al-Arab, which is listed on the Saudi stock exchange, said the memorandum has no immediate impact on its financial statements. Any financial effect will be determined after the sale and formal ownership transfer are completed. The company also said the transaction does not involve related parties and that it will disclose material developments as required.
Source: Jawlah
