Osool and Bakheet Investment Co.(9586.SA) has entered into a purchase agreement to acquire a 51% stake in Advanced Operations Technology Co. (AOT) for SAR 5.1 million.

In a filing with Tadawul, the company stated that the acquisition is contingent on the approval of the general assembly.

The transaction will be financed using the company’s internal resources.

Per the agreement, AOT will convert from a limited liability company to a closed joint-stock company within 60 days from the signing date, with an option to extend.

In return for the two sellers transferring all their shares to Osool & Bakheet, allowing it to own 51% of AOT, they are granted certain rights if the company goes public in the future.

Osool & Bakheet will waive their subscription rights, allowing up to SAR 2 million for seller Samia Yahya Abdullah Al-Yahya and up to SAR 3.33 million for seller Abdulrahman Yahya Abdullah Al-Yahya for subscription.

Additionally, Osool & Bakheet and the remaining sellers will offer the two sellers a 20% discount on the subscription price.

The commitment from Osool & Bakheet lasts for 10 years from the signing date, following an agreed-upon mechanism while complying with relevant regulations and laws.

These terms accompany other regulatory and commercial provisions.

The acquisition aims to enhance services in network management and monitoring, telecommunications, custom software design, systems analysis, and computer and telecommunications network installation and maintenance. Wholesale software and computer sales are also included.

Osool & Bakheet expects the deal to positively impact its financials and contribute to achieving its future targets.

The company acknowledged that Khalid Abdulrahman Mohammed Al-Mousa and Abdulrahman Yahya Abdullah Al-Yahya are related parties and pledged to announce any significant updates.

AOT, based in Riyadh, is a leading Saudi IT firm established in 2003, providing innovative technological services across various sectors.

AOT is licensed for network management, custom software design, systems installation, repair, and wholesale software and computer sales.

Recent financial data for AOT shows revenue of SAR 14.26 million with a net profit of SAR 0.29 million for the fiscal year ending March 31, 2022. For the fiscal year ending March 31, 2023, revenue reached SAR 15.85 million with a net profit of SAR 1.62 million. Finally, revenue for the fiscal year ending March 31, 2024, is projected to be SAR 18.34 million with a net profit of SAR 2.50 million.