Saudi Printing and Packaging Co. — M&A Activity 2012

Mar 17, 2012

Saudi Printing and Packaging Company Announces the Signing of a Memorandum of Understanding to Acquire a Majority Equity Interest in Emirates National Factory for Plastic Industries LLC

4270 · 17/03/2012 07:51:57 · Announcement #24629 · View on Saudi Exchange

Saudi Printing and Packaging Company Announces the Signing of a Memorandum of Understanding to Acquire a Majority Equity Interest in Emirates National Factory for Plastic Industries LLC

Saudi Printing and Packaging Company (the "Company") announces the signing of a Memorandum of Understanding, dated 15/3/2012, with the shareholders in Emirates National Factory for Plastic Industries LLC (ENPI), a limited liability company established in the Emirate of Sharjah / United Arab Emirates and operates in the field of packaging and production of plastic products, to acquire a majority equity interest in ENPI ranging between 73.3% to 80% of its shares. The final percentage and number of shares to be acquired by the Company shall depend on the results of the due diligence and the other reports, and on the agreement reached with the shareholders in ENPI as set forth in the relevant share purchase agreement. The Memorandum of Understanding shall come to an end on 28/6/2012. It should be noted that the said acquisition shall be subject to due diligence and final agreement on all its terms, including final price, and the signing of a definitive share purchase agreement.

Saudi Printing and Packaging Company has appointed Jadwa Investment Company to provide the necessary services in relation to the said transaction and an international law firm to conduct the legal due diligence review and related report. In addition, it is currently in the process of appointing an international accounting firm to conduct the financial due diligence review and to prepare the related report in this regard. If a final agreement is reached in connection with the above mentioned acquisition, the Company will acquire the shares subject to acquisition, either directly or through one of its wholly owned subsidiaries, as it may deem appropriate, after having satisfied all regulatory requirements and procedures and after having obtained all approvals of the official authorities. The Company shall finance the acquisition transaction from its internal resources and through external Islamic financing resources, such as banks and financial institutions, as required.

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