‎Saudi Azm signs MoU to acquire 100% of AZM FinTech

Event type

Acquisition

UUID

4169c850-b619-4be4-8893-e48560d45697

Editorial review status

Pending (ProcIntel's own review of this record)

Event lifecycle

Breaking (the real-world state of the situation — a separate concept from review status above)

Significance

3 · Material

• This type of disruption typically has a moderate procurement impact.
• No specific geography identified yet.
• Linked to 3 tracked entities.
• Assessed time horizon: Short-term.

Confidence

2 · Low (distinct from each article link's own extraction confidence below)

• Reported only by secondary sources so far — no primary/official confirmation yet.
• Reported by a single source so far — not yet independently corroborated.
• Some key facts (e.g. exact date) are still missing or unconfirmed.
• Evidence was last updated within the last month.

Impact direction

Neutral or Mixed (provisional default — not yet reviewed)

Occurred at

Not yet established (no explicit date was tightly bound to the matched event text)

Record type

REAL

Source Facts

‎<p><img src="https://argaamplus.s3.amazonaws.com/65512d67-99f7-4b35-b51c-67b21b2049d2.png" ></p> <p class="ckeCaption" >Transaction value, consideration type and payment method will be determined after due diligence and final terms.</p> <hr> <p ><a href="https://www.argaam.com/en/tadawul/tasi/azm" target="_blank">Saudi Azm for Communication and Information Technology Co.</a> signed, on Aug. 2, a non-binding memorandum of understanding (MoU) with AZM FinTech, a closed joint-stock company, to explore a potential transaction involving the acquisition of 100% of the latter’s shares.</p> <p ></p> <p >The company said in a <strong>Tadawul </strong>statement that the MoU represents an initial, non-binding agreement between the parties regarding the proposed transaction. It establishes a framework for evaluating the transaction and conducting legal, financial, tax and Zakat due diligence.</p> <p ></p> <p >The transaction’s value, consideration type and payment method will be determined after completing the necessary due diligence and negotiating the final binding terms.</p> <p ></p> <p >The MoU also regulates information sharing between the parties, with confidentiality and exclusivity provisions applying throughout its term. AZM FinTech is required to cooperate and provide the necessary documents.</p> <p ></p> <p >Saudi Azm noted that the transaction involves related parties, including Majed Al-Osaimi, Chairman and a major shareholder of the company, as well as Chairman and a shareholder of AZM FinTech; Ali Mohammed Al-Ballaa, a board member, CEO and major shareholder of the company, as well as Managing Director and a shareholder of AZM FinTech; and Firas Al-Mosli, a board member of the company’s subsidiary, Wasl Platform for Communication and Information Technology Co., as well as a shareholder and CEO of AZM FinTech.</p> <p ></p> <p >The MoU became effective upon signing and will remain valid for 12 months unless the parties agree otherwise in writing.</p> <p ></p> <p >The company added that any other related parties, if applicable, will be disclosed at a later date.</p> <p ></p> <p >The company has appointed Alistithmar Capital as financial advisor for the proposed transaction.</p> <p ></p> <p >The MoU is non-binding and that the proposed transaction remains subject to the parties reaching a definitive binding agreement.</p> <p ></p> <p >There is no guarantee that the definitive agreements will be signed or that the potential transaction will be completed.</p> <p ></p> <p >The company will disclose any material developments related to the potential transaction in accordance with the applicable laws and regulations, the statement added.</p>

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