Molan Steel pens MoU to acquire Mayar International

Logo of Molan Steel Co.

Molan Steel Co. signed, on Nov. 18, a memorandum of understanding (MoU) with Yara International Limited Co. to acquire 100% of Mayar International Industry.

In a statement to Tadawul, the company said that the financial consideration for the transaction depends on the results of the financial evaluation and due diligence.

The transaction will be financed through Molan Steel’s resources and cash flows.

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The MoU is valid for 12 months from the signing date, the company added, indicating that it will follow all relevant regulatory procedures to complete the negotiations and reach the final acquisition agreement.

No financial advisor has been appointed at this stage and a competent advisor will be appointed to complete the due diligence process, Molan Steel stated.

Any important developments regarding the definitive acquisition agreement will be announced in the future.

The acquisition will be subject to a number of regulatory approvals including relevant authorities in Saudi Arabia and any other approvals necessary to complete the acquisition.

No related parties are included in the deal, the Saudi-listed firm noted.