Morse Holding Company announces that it has entered into a contract with International Ocean Limited to convert it into a closed joint-stock holding company along with implementing corporate governance, for a total amount of SAR 253,000, inclusive of Value Added Tax (VAT). The execution of the mentioned work will take 60 days, and its financial impact will appear in the third quarter of 2023G.

It is worth noting that corporate governance and company transformation are among the developmental solutions provided by Morse Business Services to its clients.

Since it is mandatory to disclose material news regarding significant financial contracts, this announcement has been issued accordingly.