Dubai Investments PJSC has announced that it was not officially informed about the cancellation of a deal by Saudi American Company whereunder Dubai Investments was to acquire a glass factory owned by Saudi American Company in the Kingdom of Saudi Arabia. Dubai Investments confirmed that it only learnt about the cancellation from a newspaper interview with a senior official from Saudi American Company and was not officially notified, as was required under the terms and conditions of the agreement.
Khalid Kalban, Managing Director and Chief Executive Officer, Dubai Investments, said, “We were not officially informed of Saudi American Company’s decision to cancel this deal. We are awaiting an explanation from the company on what was disclosed by their senior official to the media. The contract for the purchase and sale of the factory was already signed by Dubai Investments and Saudi American Company, which makes it obligatory upon both parties to honour the terms and conditions.”
“We noticed lately that Saudi American Company was hesitant in finalising the deal and we presumed this was due to certain internal differences regarding the deal. During the last six months, the mutually agreed upon intermediary for this deal negotiated with us twice to increase our offer,” he added.
Senior officials from Dubai Investments are constantly in touch with Saudi American Company. “We have reached an agreement to buy this factory without officially finalising the registration process for the transaction deal, as it involves several legal procedures and official approvals. We are waiting to be officially informed regarding Saudi American Company’s decision on the matter, and not through the media,” added Kalban.
