Saudi Advanced Industries Company (SAIC) announces the signing of a (non-binding) Memorandum of Understanding with the Wardat Almashreq Food Co.
- Date : 2022-05-24
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Saudi Advanced Industries Company announces the signing of a (non-binding) memorandum of understanding with the Wardat Almashreq Food Co. for the possible acquisition of not more than (30%) of the Wardat Almashreq Food Co.
Wardat Almashreq Food Co. works in the field of in the field of manufacturing, producing, and marketing cheese products and items of all kinds. The acquisition is in line with the strategy and future plans of Saudi Advanced Industries Company as one of the targeted sectors approved by the Board of Directors. This potential acquisition is expected to add value to the company and its shareholders. |
| Memorandum Signing Date | 2022-05-23 Corresponding to 1443-10-22 |
| Counterparty | Wardat Almashreq Food Co. (A limited liability company) |
| Memorandum Subject | Reaching a preliminary agreement for Saudi Advanced Industries Company to acquire not more than (30%) of the Wardat Almashreq Food Co. For the final evaluation, however, the determination of the transaction value and the target share is linked to the final agreement between the two parties. |
| Memorandum Duration | The Memorandum of Understanding is effective from 23/05/2022 AD and for a period of six months, subject to renewal with the consent of both parties. It was agreed between the two parties during which a financial and legal due diligence examination and financial evaluation of the value of the proposed transaction will be conducted, and any party may terminate the Memorandum of Understanding by notification linear. |
| Related Parties | There are no related parties. |
| Financial Impact | The financial impact of this memorandum cannot be determined at this stage. |
| Additional Information | Saudi Advanced Industries Company has appointed Ithmar Saudi Company as the financial advisor for this transaction.
Any material developments regarding the Memorandum of Understanding or the proposed acquisition will be announced at a later time. |