SAUDI ARABIA Law and Practice Contributed by: Alex Saleh, Asad Ahmad, Khaled al-Khashab and Shahad Al-Humaidani, GLA & Company
3.5 Information Included in a Filing The notification should generally be complet - ed in Arabic. Notifying parties may choose to complete the forms in English but this must be accompanied by a translation into Arabic. When submitting the notification, the applicant should submit the following information and documents. • The duly completed notification form, includ - ing the declaration as to the validity and accuracy of the information contained in the notification. • The relevant identification documents of the person submitting the notification. • The required parties’ documents. • Evidence of payment of the prescribed fees for the economic concentration to be exam - ined. • The finalised, duly executed agreement to carry out the economic concentration, stating the nature of the transaction and a descrip - tion of the shares, equity, assets, rights or obligations to be purchased or transferred or managements to be joined between the relevant entities. • A report that describes the economic impact of the transaction on the relevant markets (the “Economic Report”). This report should include a detailed description of the: (a) economic concentration transaction and the participating parties; (b) relevant sectors and markets in which the economic concentration may have an effect; (c) key customers of the participating parties in those sectors and markets; (d) key competitors of the participating par - ties in those sectors and markets; and (e) potential impact of the economic con - centration transaction on competition in
See 2.2 Failure to Notify with respect to penal - ties and their imposition. 3.2 Type of Agreement Required Prior to Notification As part of the initial application for notification to the GAC, the applicant must also provide a final - ised, duly executed agreement to carry out the economic concentration, stating the nature of the transaction and a description of the shares, equity, assets, rights or obligations to be pur - chased or transferred or managements to be joined between the relevant entities. The GAC requires these documents for valid notification. If notification is made without all of the requisite documents being provided, the GAC reserves the right to close the notification file. 3.3 Filing Fees The fee to be paid for examining the economic concentration (the “notification fee”) is 0.02% of the total annual sales value of undertakings intending to participate in the economic con - centration, with an upper limit of SAR250,000. The parties must pay the notification fee before submitting the notification and must submit evi - dence of payment of the notification fee along with the other notification documents and infor - mation. The GAC requires evidence of payment before the notification will be considered com - plete. 3.4 Parties Responsible for Filing The parties intending to participate in the eco - nomic concentration transaction must notify the GAC of the transaction. Notice of the transac - tion may be provided by the parties’ legal repre - sentative. A failure by the concentration parties to submit a notification does not preclude the GAC from initiating a review and assessing the economic concentration either before or after the completion of the transaction.
497 CHAMBERS.COM
Powered by FlippingBook