PayTabs Group has signed a memorandum of understanding to acquire the entire stake in SeaPay Saudi Financial Services for SAR 35 million ($9.3 million). 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.
What the acquisition entails
Bahr Al-Arab Information Systems, 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.
Regulatory approvals
The acquisition is subject to approvals from the relevant Saudi authorities. Once these approvals are obtained, the acquisition can proceed. The terms of the acquisition include a payment of $9.3 million for the entire stake in SeaPay Saudi Financial Services.
- SAR 35 million purchase price
- Entire stake in SeaPay Saudi Financial Services
Impact on the market
The acquisition of SeaPay Saudi Financial Services by PayTabs Group is a notable development in the Saudi financial services sector. PayTabs Group has signed an MoU to acquire SeaPay, and the transaction is subject to due diligence and regulatory approvals.
