Osool & Bakheet inks agreement to acquire 51% stake in AOT

Logo of Osool & Bakheet Investment Co.

Osool & Bakheet Investment Co. signed a purchase agreement (PA) to acquire 51% of the total shares of Advanced Operations Technology Co. (AOT) for SAR 5.1 million.

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The completion of the acquisition will be subject to the approval of the general assembly, the company said in a statement to Tadawul.

The transaction will be financed from the company’s resources, the statement added.

The terms of the deal include converting AOT from a limited liability company to a closed joint-stock company within 60 days from the signing of the agreement (extendable).

In exchange for the two sellers selling all their shares in the acquired company to Osool & Bakheet (to enable it to own 51% of the company), they have been granted the following if the company is listed on the capital market in the future:

1) Osool & Bakheet (the buyer) will waive their subscription right. A maximum of SAR 2 million will be granted to seller, Samia Yahya Abdullah Al-Yahya, for subscription.

A maximum of SAR 3.33 million will be granted to seller, Abdulrahman Yahya Abdullah Al-Yahya, for subscription.

2) Osool & Bakheet and the other sellers will grant the two sellers the right to participate in the subscription of the acquired company with a 20% discount on the offering price.

The duration of this commitment granted by the buyer to the two sellers is 10 years from the date of signing the purchase agreement, in accordance with the mechanism to be agreed upon at the time without conflicting with the relevant regulations and laws.

The previous terms come in addition to other regulatory and commercial terms.

The deal is intended for providing network management and monitoring services for telecommunications and information networks, designing and programming custom software, systems analysis and installing and extending computer and telecommunications networks.

Additionally, the agreement will help in repairing and maintaining engines, systems, and both information storage devices, fixed and portable, as well as wholesale selling of software, computers, and their accessories.

The transaction is expected to have a positive impact on Osool & Bakheet’s financials as it will contribute to achieving the company’s future goals, the statement added.

Osool & Bakheet also noted that Khalid Abdulrahman Mohammed Al-Mousa and Abdulrahman Yahya Abdullah Al-Yahya are related parties, adding that it will announce any material developments.

AOT is a leading Saudi IT firm, headquartered in Riyadh. Since its establishment in 2003, the company has achieved numerous successes in its field by providing pioneering technological services to a wide range of companies across various sectors.

It is licensed to provide network management and monitoring services for telecommunications and information networks, design and program custom software, systems analysis, install and extend computer and telecommunications networks, repair and maintain engines, systems, and both information storage devices, and, wholesale of software, computers, and accessories.

The following table highlights AOT’s financial data for the last three years: