Dalipal Holdings Limited has announced the signing of a Share Purchase Agreement and a Shareholders’ Agreement with Zumar Aloufq Company involving its Saudi Arabian subsidiary, Dalipal International for Industry Company. Under the transaction, Dalipal Holdings will sell 40% of Dalipal International’s equity to Zumar, leaving Dalipal Holdings with a 60% stake. Following the transaction, Dalipal Holdings and Zumar have agreed to increase Dalipal International’s share capital to between USD 150 million and USD 240 million, in proportion to their respective shareholdings, to fund part of the first phase of a project. The agreements include a lock-up arrangement preventing Dalipal Holdings from transferring its shares in Dalipal International to third parties (other than Zumar) for ten years from the start of commercial operations without Zumar’s written consent. Zumar is also required to maintain at least a 10% equity interest for at least four years after the agreement.

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