Saudi Industrial Export Co. Announces an update on Announcement by the Saudi Industrial Export Company (SIEC) regarding the signing of a non-binding Memorandum of Understanding with Industrial Production Services Company to acquire the share capital of Advanced Energy for Trading and Contracting Company (a Single-Person Company), one of the subsidiaries of Industrial Production Services Company.

With reference to the Company’s previous announcement dated 16/07/1446 AH corresponding to 16/01/2025 AD regarding the appointment of Alinma Investment Company as financial advisor to conduct and complete the necessary studies for finalizing the acquisition process;

And with reference to the Company’s previous announcement dated 25/05/1446 AH corresponding to 27/11/2024 AD regarding the signing by the Saudi Industrial Export Company (SIEC) of a non-binding Memorandum of Understanding with Industrial Production Services Company (a Closed Joint Stock Company), for the purpose of discussing a proposed acquisition of a stake or the entire share capital of Advanced Energy for Trading and Contracting Company (a Single-Person Company), one of the subsidiaries of Industrial Production Services Company.

The Company announces that, after reviewing the results of the feasibility studies and the due diligence process, it has been determined that the outcomes did not meet the Company’s expectations and strategic objectives.

Accordingly, the Board of Directors of the Saudi Industrial Export Company has resolved not to proceed with the investment and to terminate the relevant agreements.

Accordingly, the Board of Directors of the Saudi Industrial Export Company has resolved not to proceed with the investment and to terminate the relevant agreements.