Abdulaziz and Mansour Ibrahim Albabtin Co. (SASE:9549) signed a non-binding Memorandum of Understanding to acquire unknown minority stake in Integrated Business Company (Limited Liability Company) on December 25, 2022. The two parties also agreed that the percentage of acquisition and the value of the final deal will be determined after the completion of the due diligence work.

As of February 27, 2023, Abdulaziz and Mansour and Integrated Business agreed to extend the Memorandum of Understanding for an additional period of 60 days and with the same previous terms and conditions in order to complete the legal formulations and financial and technical studies of the agreement. As of May 23, 2023, Abdulaziz and Mansour and Integrated Business agreed to extend the Memorandum of Understanding for an additional period of 30 days. The acquisition process is conditional on the completion of verification and due diligence processes in a manner that is compatible with the requirements of all Related parties, on condition of agreement on the final terms and conditions, and on condition of obtaining the statutory approvals of the competent authorities.