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KNOWLEDGENET

03 December, 2024 08:24

KnowledgeNet Company announces the signing of an acquisition agreement by the Saudi Technology Fund for a 100% stake in Financial Technology Solutions, one of its subsidiaries (owned directly at 99.99%). The company helps in the creation of financial technology companies using our products.

Element ListExplanation
Transaction Details Following the memorandum of understanding signed by KnowledgeNet with Bayt Al-Nomo Financial Company on June 8, 2024, aimed at acquiring the subsidiary companies established by KnowledgeNet using its technologies and in which it holds stakes, the acquisition agreement was signed on Monday, December 2, 2024, with the Saudi Technology Fund for a 100% stake in Financial Technology Solutions (99.99% owned by Knowledge Network for Computers ( KnowledgeNet) and 0.01% owned by Knowledge Network for Business Services), with a total value of SAR 15,350,000. KnowledgeNet holds a direct 99.99% stake in the company. This acquisition is in exchange for 1,535,000 units in the Saudi Technology Fund, valued at SAR 15,350,000.
Transaction Amount 15,350,000 Saudi Riyals.
Transaction Conditions N/A
Parties of the Transaction KnowledgeNet Company, Saudi Technology Fund, Knowledge Network for Business Services, Financial Technology Solutions.
Date of Entering Into The Transaction 2024-12-02 Corresponding to 1446-06-01
Description of Activity of The Asset Subject of The Transaction Financial Technology Solutions is one of KnowledgeNet subsidiary companies (99.99% directly owned) operating in the fields of information and communications, professional, scientific, and technological activities, which helps in establishing financial technology companies using our products.
Asset Book Value The book value of the asset is 999,900 Saudi Riyals, representing 99.99% of the capital of Financial Technology Solutions.
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction Total assets cost: 2022= 0 SAR 2023= 2,486,564 SAR November 2024 (11month) = 3,619,190 SAR Revenue: 2022= 0 SAR 2023= 0 SAR November 2024 (11month) = 1,178,274
Transaction reasons This is considered a strategic step in line with KnowledgeNet long-term goals to maximize the return on its software used by startups.
Expected Impact of the Transaction on the Company and Its Operations Under the deal, KnowledgeNet will own 1,535,000 units in the Saudi Technology Fund, and any gains from this transaction will be reflected in the consolidated profit or loss statement, which will have a positive impact on KnowledgeNet expected profits for 2024.
Details of Using The Proceeds of the Asset Sale The proceeds will be used to support KnowledgeNet expansion and growth strategy, maximizing the overall return for shareholders, by retaining the investment to enhance returns and using it as a source of cash flow to finance and support KnowledgeNet expansion activities.
Related Parties N/A

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