Tabuk Agricultural Development Co. (TADCO) signed on Tuesday an agreement to acquire a 60 percent stake in a new company that will be established by Ahmed Hussein Ahmed Al Amri Foundation, TADCO said in a statement to Tadawul.
Al Amri Foundation will set up the new company in order to transfer its industrial activities to it.
The agreement, which is effective immediately, is valid until March 31 or if either party notifies the other of cancelling the deal.
Under the agreement, TADCO will invest up to SAR 60 million in return of a 60 percent stake in the new company.
However, the agriculture firm could reduce its investment to maintain the ownership percentages, the statement said.
TADCO will start its due diligence, and both parties will hire financial advisors for the acquisition.
The deal has no related parties and is pending approval from authorities and TADCO’s extraordinary general assembly, the statement said.
If the agreement is finalized, it will be one of the four projects TADCO has hiked capital for in 2015, it added.
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