Rasan terminates MoU for Holoul Financing acquisition
Rasan Information Technology Co. terminated its non-binding memorandum of understanding (MoU) with Holoul Financing for Financial Technology, a limited liability company.
The decision to end the agreement was made after both parties reviewed preliminary findings from technical due diligence, Rasan said in a statement to Tadawul.
It added that the costs of due diligence advisors for the technical, financial, and legal areas amounted to SAR 270,000.
According to Argaam data, Rasan had signed the MoU in February to acquire a 55% stake in Holoul Financing.
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