|Introduction||Saudi Industrial Investment Group announces to its shareholders that it has signed an agreement to buy shares in Unibio International, a leader in bioprotein production technology sector. The approximate investment of $70 million represents 24% of the company’s ownership in the current funding round.|
|Date of signing the Memorandum of Understanding||2023-03-27 Corresponding to 1444-09-05|
|Memorandum Duration||One Year|
|Name of the Counterparty||Unibio International PLC|
|Name of Financial Advisor of Each Party||EY for SIIG and Bank of America for Unibio International|
|Major Terms in the Memorandu||The Investment will be in two phases, where a 9.9% stake is acquired in the first phase, and the remaining investment to be acquired after obtaining the Danish Government’s approval for a Foreign Direct investment (FDI).
The agreement duration is one full year to finalise the deal.
|Actions to be Taken by the Company during the Memorandum’s Duration||Obtaining the Danish Government approval for a Foreign Direct investment (FDI).|
|Approvals||The transaction listed in this announcement shall be subject to the approval of the relevant authorities.|
|Additional Information||The Saudi Industrial Investment Group and Unibio are also considering developing a project in Saudi Arabia to produce bioprotein using dry gas, which aims to develop the Kingdom’s industrial base, benefiting from SIIG experience in developing similar projects, as well as contributing to supporting food security, meeting the growing local and global demand for bioprotein. Any developments regarding this project will be announced by SIIG at a later date.
It should be noted that the process of investing in Unibio and developing Biotech projects within the Kingdom is a step-in line with SIIG new strategy to diversify its investments, and enter new sectors based on sustainability and modern technologies. At the same time forming strategic partnerships with global companies, in line with Saudi Arabia’s vision 2030.