Logo of Knowledge Net Co.
Knowledge Net Co. signed on June 8 a memorandum of understanding (MoU) with Bayt Alnomow Capital Co. (BNC) to establish a private equity fund to be managed by the latter.
In a statement to Tadawul, KnowledgeNet said it will subscribe under the MoU to some subsidiaries in the fields of financial technology and services, based on market value.
An announcement will be made about the fund size and the relevant financial impact once the valuation of subsidiaries is finalized.
There are no related parties to the deal, the company added.
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