Saudi AZM to Look Into Acquisition of Azm Financial Technology

04:04 AM EDT, 08/02/2026 (MT Newswires) -- Saudi AZM for Communication and Information Technology Co. (SASE:7211) entered into a nonbinding memorandum of understanding to evaluate the potential acquisition of Azm Financial Technology. The memorandum is valid for 12 months, according to a Sunday release. The Saudi Arabia-listed IT company hired Alistithmar for Financial Securities and Brokerage, d/b/a Alistithmar Capital, as financial adviser for the potential transaction. The possible takeover will be completed after due diligence and valuation of the target company, regulatory approvals, and the signing of a binding contract.