Riyadh — Mubasher: Dar Almarkabah for Renting Cars Company (DS Rent) signed a non-binding memorandum of understanding (MoU) on 2 September to acquire 100% of the shares of Zad International Limited.
The proposed transaction involves DS Rent issuing new shares to the owner of Zad International via a capital increase, with the final share count and valuation to be determined following an independent financial evaluation.
The MoU is valid for a duration of 6 months and establishes a framework for mutual obligations and rights.
Under the terms of the agreement, the company will conduct financial, legal, and technical due diligence within a period of 60 days from the signing date. This period is subject to extension upon written agreement between both parties.
DS Rent confirmed that no financial advisor has been appointed at this stage, though it intends to appoint legal and financial advisors, along with an independent evaluator, to facilitate the deal.
The acquisition remains subject to regulatory approvals from the Capital Market Authority (CMA), Tadawul, and the General Authority for Competition, as well as the approval of the company’s extraordinary general assembly.
There are no related parties involved in the transaction.
