Addendum Announcement from Al Hassan Ghazi Ibrahim Shaker Co. in regards to the Memorandum of Understanding with Cashew Payments Holding Limited
| Element List | Explanation |
|---|---|
| Introduction | Al Hassan Ghazi Ibrahim Shaker Company (“Shaker”), Saudi Arabia’s leading importer, manufacturer and distributor of air conditioners and home appliances, announces that it has completed a 10% investment in Cashew Arabia Company for Information Technology (“Cashew KSA"), the Saudi arm of Cashew Payments Holding Limited (“Cashew Holding”). The investment was made through its subsidiary “Shaker Innovative Investments Company” which is 90% owned by Al Hassan Ghazi Ibrahim Shaker Company. |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2022-06-20 Corresponding to 1443-11-21 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | Not applicable. |
| Financial Impact on the change | 750,000 |
| Additional Information | This announcement is an update following the signing of a non-binding MoU with Cashew KSA. |
This investment will support the launch of Cashew KSA’s activities in Saudi Arabia and support its growth as a strong fintech market participant and leader in the digital lending space.
The proposed investment will also allow for the smooth integration of Cashew KSA’s digital lending solutions that include buy now, pay later, with Shaker’s growing direct to retail segment.
This investment is a key milestone in Shaker’s commitment to growth, innovation, and diversification. It will leverage the combined retail expertise and reach of Shaker and Cashew KSA’s technology-led offering to meet the expanding and evolving
demands of consumers.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.