PK K \_rels/PK K \ docProps/PK K \ppt/PK K \ ppt/_rels/PK K \ ppt/charts/PK K \ppt/charts/_rels/PK K \ppt/embeddings/PK K \ ppt/media/PK K \ppt/slideLayouts/PK K \ppt/slideLayouts/_rels/PK K \ppt/slideMasters/PK K \ppt/slideMasters/_rels/PK K \ ppt/slides/PK K \ppt/slides/_rels/PK K \ ppt/theme/PK K \ppt/notesMasters/PK K \ppt/notesMasters/_rels/PK K \ppt/notesSlides/PK K \ppt/notesSlides/_rels/PK K \` [Content_Types].xml PK K \]] _rels/.rels PK K \ 0 0 Microsoft Office PowerPoint On-screen Show (16:9) 0 15 15 0 0 false Fonts Used 2 Theme 1 Slide Titles 15 Arial Calibri Office Theme Slide 1Slide 2Slide 3Slide 4Slide 5Slide 6Slide 7Slide 8Slide 9Slide 10Slide 11Slide 12Slide 13Slide 14Slide 15 PptxGenJS false false false 16.0000 PK K \ѽ*docProps/core.xml IPO / Stake Sale Pathway PptxGenJS Presentation PptxGenJS PptxGenJS 1 2026-05-07T01:18:22Z 2026-05-07T01:18:22Z PK K \ ppt/_rels/presentation.xml.rels PK K \Oݨ ppt/theme/theme1.xmlPK K \Elp{{ppt/presentation.xml PK K \Xppt/presProps.xml PK K \ppt/tableStyles.xml PK K \D >00ppt/viewProps.xml PK K \H7t!ppt/slideLayouts/slideLayout1.xml PK K \ђ77,ppt/slideLayouts/_rels/slideLayout1.xml.rels PK K \9Rppt/slides/slide1.xml INITIATIVE 05 · DETAILRed ChiliIPO / Stake Sale PathwayThe end-state. Year 5+ liquidity. Two paths — strategic stake sale (Path A) or Tadawul Nomu IPO (Path B).Prepared for: Dr. Sharouz Khan + Strategic AdvisorsConfidential · Draft v1.0 · For Dr. Sharouz Khan and authorised reviewers onlyMohammad Shakil · NTT Groups · Vivid Verse GlobalPK K \3 ppt/slides/_rels/slide1.xml.rels PK K \.ppt/notesSlides/notesSlide1.xml 1PK K \:A*ppt/notesSlides/_rels/notesSlide1.xml.rels PK K \,W3535ppt/slides/slide2.xml What This Initiative IsIn one sentence, then in three.A long-horizon liquidity pathway giving NTT/VVG and Dr. Khan a structured exit — either via strategic stake sale to a Saudi family office (Year 4-5) or a Tadawul Nomu listing (Year 5-7), with hard prerequisites for each.01What it is. Year 5+ work. Two parallel pathways: Path A is a strategic stake sale (25-55% to a Saudi strategic). Path B is an IPO on Tadawul Nomu — much harder, requires more prep.02Why both paths. Path A is the realistic first liquidity event. Faster, easier, cleaner. Path B (IPO) is the long-tail aspiration — only viable if we hit substantial scale, multi-year audited profitability, and Saudi-majority structure.03Why fifth — and why honest about it. This isn't Year 1-2 work. Pretending it is would be misleading. But the prep (audited financials, governance, cap table) starts NOW because you can't get audited Year 5 if you haven't been audited every year leading up.2 / 15Initiative · Detail · CONFIDENTIALPK K \2- ppt/slides/_rels/slide2.xml.rels PK K \ppt/notesSlides/notesSlide2.xml 2PK K \xշ*ppt/notesSlides/_rels/notesSlide2.xml.rels PK K \P4=t?t?ppt/slides/slide3.xml The Problem It SolvesWhy Red Chili needs this — specifically.WITHOUT THIS INITIATIVE✗ Cap table currently informal — needs SPV charter + shareholders agreement✗ Zero audited financial years — IPO requires 1-3 minimum✗ No independent board — governance gap for institutional buyers✗ Foreign ownership structure incompatible with Tadawul Nomu rules✗ No defensible valuation methodology — comp analysis, DCF, etc.✗ No data room, no investor materials, no banker relationshipsWITH THIS INITIATIVE✓ SPV charter + shareholders agreement drafted Year 1✓ Big-4 auditor engaged Year 1 — first audited year FY2026✓ Independent board members added Years 2-3✓ Saudi-majority restructuring before any IPO filing✓ Valuation framework built using KSA F&B comps✓ Data site + IOM ready by Year 3 (Path A trigger)3 / 15Initiative · Detail · CONFIDENTIALPK K \W/ ppt/slides/_rels/slide3.xml.rels PK K \K |Őppt/notesSlides/notesSlide3.xml 3PK K \9 Y*ppt/notesSlides/_rels/notesSlide3.xml.rels PK K \"A@@ppt/slides/slide4.xml How It WorksStep by step. The mechanics.STEP 1Foundation (Yr 1-2)Audit begins. SPV charter. IP assignment. Independent board. Cap table cleaned. Shareholders agreement signed.STEP 2Build Track Record (Yr 2-4)Multi-year audited financials accumulate. Initiatives 1-4 deliver. Comp set tracked. Banker relationships built (Lazard, JP Morgan).STEP 3Path A (Yr 4-5)Strategic stake sale. 25-55% to Saudi family office or PE. Cash exit for NTT, partial for Khan. Growth capital for SPV.STEP 4Path B (Yr 5-7)If Path A not pursued OR follows Path A: Tadawul Nomu listing. Saudi-majority structure required. 1+ year audited (Nomu) or 3+ (Main Market).4 / 15Initiative · Detail · CONFIDENTIALPK K \` ppt/slides/_rels/slide4.xml.rels PK K \vsppt/notesSlides/notesSlide4.xml 4PK K \J *ppt/notesSlides/_rels/notesSlide4.xml.rels PK K \ n/\\ppt/slides/slide5.xml Stakeholders & RolesWho does what. Clear ownership.StakeholderResponsibilityTool / ModuleDr. Khan (CEO)Strategic decisions, board chair, public face, investor relationsCEO Readiness Dashboard, RoadmapCFO (hire Year 2-3)Audit, monthly close, investor reporting, IPO prepCFO Dashboard, Monthly CloseInvestment BankerValuation, deal pipeline, investor outreach (Path A or B)Banker Module: Data Site, Investor ListBoard / Audit CommitteeGovernance, audit oversight, strategy approvalDocument Vault, Board ModuleInvestor (PE / Strategic)Review opportunity, NDA, due diligence, offerInvestor Module: Teaser, IOM, Q&ANTT/VVGHold equity until liquidity event. Support tech for IR.Cap Table view (read-only)5 / 15Initiative · Detail · CONFIDENTIALPK K \5 ppt/slides/_rels/slide5.xml.rels PK K \W8ppt/notesSlides/notesSlide5.xml 5PK K \Qe*ppt/notesSlides/_rels/notesSlide5.xml.rels PK K \<NNppt/slides/slide6.xml How the Money FlowsWhere the revenue comes from. Where it goes.REVENUE INFLOW▶ Path A — strategic stake sale (illustrative): 25-55% × SPV EV ≈ SAR 18-40M cash▶ Path B — Tadawul Nomu IPO (illustrative): Float 25-30% × SPV EV ≈ SAR 18-25M cash + ongoing public market access▶ Year 5 SPV EBITDA: SAR 13.2M projected (per cost book)▶ Year 5 SPV EV (5.5x EBITDA): SAR 72M (base case)▶ Year 5 NTT stake value (32.5% Scenario B): SAR 23.5M — 3.75x MOICCOST / OUTFLOW◆ Annual audit fees: SAR 800K-1.2M/year (Big-4 quality)◆ Legal / corporate setup: SAR 1.5-2.5M one-off + SAR 240K/yr ongoing◆ Investment banker fees: 3-5% of deal size (Path A or B)◆ IPO underwriting + listing fees: SAR 4-8M one-off (Path B only)◆ CFO + finance team build-out: SAR 540K/yr (Year 2+)◆ Board independent member fees: SAR 240K/yr (3 independents × SAR 80K)6 / 15Initiative · Detail · CONFIDENTIALPK K \ج+ ppt/slides/_rels/slide6.xml.rels PK K \zppt/notesSlides/notesSlide6.xml 6PK K \=|*ppt/notesSlides/_rels/notesSlide6.xml.rels PK K \ccppt/slides/slide7.xml Unit EconomicsWhat it costs. What it returns. What's left.Line ItemValue% of RevenueYear 5 SPV revenue (target)SAR 22.4M100%Year 5 SPV EBITDASAR 13.2M59%Year 5 SPV EV at 5.5x EBITDASAR 72.5MBase casePath A: 32.5% NTT stake at exitSAR 23.6MMOIC 3.75xPath A: 67.5% Khan stake at exitSAR 49MSubstantialPath B (IPO): same EV, longer waitSAR 72-90MHigher multiple possible at scale⚠ WORKING ASSUMPTION Year 5 EBITDA of SAR 13.2M (59% margin) is on the optimistic side. Defensible because the SPV doesn't carry the underlying restaurant cost base, but reads as aggressive to F&B-experienced reviewers. Sensitivity scenarios in cost book: downside SAR 4-5M EBITDA = EV SAR 24-35M = NTT stake SAR 8-12M = MOIC 1.3-1.9x. Path A still works at downside; Path B requires base case minimum.7 / 15Initiative · Detail · CONFIDENTIALPK K \F ppt/slides/_rels/slide7.xml.rels PK K \)lppt/notesSlides/notesSlide7.xml 7PK K \|g*ppt/notesSlides/_rels/notesSlide7.xml.rels PK K \HS΋XXppt/slides/slide8.xml Growth DriversWhat moves the needle. What we can control vs what we can't.✓Initiatives 1-4 actually deliveringWe controlWithout Year 5 EBITDA of SAR 8M+, neither Path is viable. This is downstream of every other initiative.✓Governance disciplineWe controlBoard, audit committee, internal controls. Institutional buyers refuse to engage without proper governance. Builds over years.?KSA F&B comp set environmentExternalF&B multiples in KSA fluctuate 4-12x EBITDA. Macro-driven. Path B timing matters.✓Saudi-majority restructuringWe controlTadawul Nomu requires Saudi majority. Currently NTT and VVG are foreign. Structuring well in advance is key.✓Banker / investor relationshipsWe controlBuilt over 3-5 years. Late-stage relationship building burns deal value.8 / 15Initiative · Detail · CONFIDENTIALPK K \6 ppt/slides/_rels/slide8.xml.rels PK K \iސppt/notesSlides/notesSlide8.xml 8PK K \pO*ppt/notesSlides/_rels/notesSlide8.xml.rels PK K \44ppt/slides/slide9.xml Bare-Minimum ScenarioEven at the floor, this still works — or doesn't. Here's the answer.THE FLOOR — minimum we expect to deliver:Even at the downside scenario, NTT/VVG break even on Path A.• Downside: Year 5 EBITDA SAR 4-5M (vs SAR 13M base case)• Downside SPV EV at 4.5x: SAR 18-22M• NTT 32.5% stake at exit: SAR 6-7M• NTT in-kind investment: SAR 4.4M cumulative (per cost book)• Even downside MOIC: 1.4-1.6x — break-even+⚠ HONEST CAVEAT If initiatives 1-2 fail outright (no DM lift, no e-catering pipeline), the SPV doesn't reach SAR 4M EBITDA either — Path A becomes unlikely. Path B requires base case minimum. Realistically, if initiatives 1-2 fail, this initiative also fails — and that's the honest answer.9 / 15Initiative · Detail · CONFIDENTIALPK K \>$ ppt/slides/_rels/slide9.xml.rels PK K \qppt/notesSlides/notesSlide9.xml 9PK K \1*ppt/notesSlides/_rels/notesSlide9.xml.rels PK K \@@ppt/slides/slide10.xml Key AssumptionsWhat has to be true for this initiative to deliver.HIGH RISKInitiatives 1-4 deliver substantial portion of projected EBITDANo exit. NTT holds illiquid stake or exits at modest multiple. Substantial downside vs base case.HIGH RISKSaudi-majority restructuring is achievable for Path BPath B closed. Path A only option.MED RISKKSA F&B M&A market is healthy in Year 4-5Wait. Multiples improve over time as market matures. Hold 1-2 more years.LOW RISKAudited financials achievable with Big-4Routine work for a Big-4. Risk only if internal controls are weak.10 / 15Initiative · Detail · CONFIDENTIALPK K \Ѳ!ppt/slides/_rels/slide10.xml.rels PK K \O ppt/notesSlides/notesSlide10.xml 10PK K \T+ppt/notesSlides/_rels/notesSlide10.xml.rels PK K \6CLLppt/slides/slide11.xml Timeline & MilestonesWhere we expect to be at each gate.YEAR 1FoundationSPV charter. Shareholders agreement. IP assignment. Big-4 auditor selected. First audited year begins.YEAR 2Track Record BuildFirst audited year complete. CFO hired. Board independence begins. Cap table clean. Initiative 1-3 delivering.YEAR 3Path ClarificationTwo clean audited years. Initiatives 2-4 scaling. Banker relationships built. First Path A informal conversations.YEAR 4-5Path A WindowIf executing Path A: launch process. Teaser → IOM → data site → bids → close. 6-9 month process.YEAR 5-7Path B WindowIf pursuing IPO: filing prep, prospectus, roadshow, listing. 12-18 month process. Tadawul Nomu first; Main Market later.11 / 15Initiative · Detail · CONFIDENTIALPK K \;!ppt/slides/_rels/slide11.xml.rels PK K \s6ӑ ppt/notesSlides/notesSlide11.xml 11PK K \O+ppt/notesSlides/_rels/notesSlide11.xml.rels PK K \lm\m\ppt/slides/slide12.xml What Could Go WrongHonest risk register. Not optimised for selling.Initiatives don't hit projected scaleIf this happens:MITIGATIONPath A still viable at downside (MOIC 1.4-1.6x). Path B requires hitting base case.Saudi-majority restructuring is complex / costlyIf this happens:MITIGATIONPlan from Day 1. Use SPV structure to enable pre-conversion Saudi shares now. Legal sign-off on structure.F&B M&A market downturn at exit windowIf this happens:MITIGATIONDon't force timing. Path A has flexible window (Yr 4-7). Path B can wait for window.Audited financials reveal issuesIf this happens:MITIGATIONEngage Big-4 EARLY (Year 1). Issues found early are fixable. Issues found at deal-stage kill deals.Independent board members not availableIf this happens:MITIGATIONKSA / regional advisors network. Mohammad's NTT contacts. Start recruiting Year 2.12 / 15Initiative · Detail · CONFIDENTIALPK K \c!ppt/slides/_rels/slide12.xml.rels PK K \*)@ ppt/notesSlides/notesSlide12.xml 12PK K \Fb+ppt/notesSlides/_rels/notesSlide12.xml.rels PK K \fvvppt/slides/slide13.xml KPIs — How We Measure SuccessSpecific. Measurable. Time-bound.KPIYear 1Year 3Year 5SourceAudited financial years complete024Audit registryIndependent board members023Board recordsSPV EBITDA (SAR)6.0M8.7M13.2MCost bookSPV EV indicative (5.5x)33M48M72MComp analysisBanker relationships engaged023-4BD records13 / 15Initiative · Detail · CONFIDENTIALPK K \x!ppt/slides/_rels/slide13.xml.rels PK K \Ї ppt/notesSlides/notesSlide13.xml 13PK K \yv+ppt/notesSlides/_rels/notesSlide13.xml.rels PK K \MqEqEppt/slides/slide14.xml What I Need From YouConcrete, dated, specific. No fluff.MONTH 1Big-4 auditor RFP — engage one of the four firms (KPMG, EY, Deloitte, PwC)MONTH 1-3SPV charter + shareholders agreement drafted and signedMONTH 3-6IP assignment from Dr. Khan to SPV completed (formal valuation required)YEAR 2CFO hire — financial leadership for audit + IPO readinessYEAR 2-3First independent board member recruited (KSA F&B background)YEAR 4Path A vs Path B decision based on actual financials and market conditions14 / 15Initiative · Detail · CONFIDENTIALPK K \O!ppt/slides/_rels/slide14.xml.rels PK K \0 ppt/notesSlides/notesSlide14.xml 14PK K \?ݤ+ppt/notesSlides/_rels/notesSlide14.xml.rels PK K \Sxnppt/slides/slide15.xml Year 5+ Work. Started In Year 1.Liquidity isn't a sprint, it's a 5-7 year discipline.Bottom line:This is the only initiative that I've labelled as long-horizon and conditional. Path A (strategic stake sale at Year 4-5) is realistic if initiatives 1-4 deliver substantially. Path B (Tadawul Nomu IPO at Year 5-7) is harder — it requires Saudi-majority restructuring AND multi-year audited profitability AND substantial scale. Most early-stage F&B groups in KSA never reach Path B. The honest answer: plan for Path A, prepare for both, and don't pretend either is going to happen in the next 24 months. The work that DOES need to start now — auditing, governance, IP assignment, SPV structure — is foundation work that pays off whether the eventual exit is Path A, Path B, a private buyer, or even just a dividend recapitalisation. 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