United Wire Factories : announces signing a Memorandum of Understanding with A-1 Fence DMCC (UAE)

Element List	Explanation
Introduction	United Wire Factories Co. Announces the signing of a (non-binding) Memorandum of Understanding with A-1 Fence DMCC Company (UAE) for the possible acquisition of a stake in A-1 Fence Arabia for industry (Foriegn Limited liability co.) its head office in Dammam - Saudi Arabia, (which is wholly owned by A-1 Fence DMCC) upon reaching a final agreement between the two parties
Memorandum Signing Date	2022-02-20 Corresponding to 1443-07-19
Counterparty	A-1 Fence DMCC (UAE)
Memorandum Subject	Understanding to reach a final agreement for United Wire Factories Company to acquire a share of the ownership of A-1 Fence Arabia for industry Company (Foriegn Limited liability co.) , and this memorandum aims to determine the understanding about the initial mutual obligations and rights between the two parties regarding the acquisition process, so that the implementation will be in accordance with the proposals and understandings approved by the two parties. The two parties also agreed to determine the value of the final deal after completing the evaluation and due diligence audit
Memorandum Duration	This memorandum shall be effective from the date of its signature and for a period of (90) days, subject to renewal with the approval of both parties
Related Parties	There are no related parties
Financial Impact	The financial impact will be determined after the final evaluation is completed
Additional Information	This potential deal for comes as a strategic direction for the United Wire Factories Company that aims to diversify sources of income and maximize its profitability through its various investments. The Memorandum of Understanding is (non-binding) for both parties, and any significant developments regarding the Memorandum of Understanding or the proposed acquisition will be announced in due course