Al Gassim Investment Holding Co. (GACO) on June 23 signed a non-binding memorandum of understanding (MoU) to buy a 67.1 percent stake in Advanced Bakeries Ltd.
Both companies will estimate the deal value after conducting the required financial and legal due diligence, GACO said in a bourse statement on Monday.
The MoU will extend for 90 days and could be renewed upon mutual agreement.
GACO seeks to diversify its investments, support future expansions and goes in line with Saudi Vision 2030.
The related financial impact and other developments will be announced later on, GACO said, adding that no related parties are involved in the deal.
Advanced Bakeries owns a 32.44 percent holding in Saudi Bakeries Ltd, which offers a variety from milk rolls breads, burger buns, sub rolls and sandwiches.
When the deal is complete, GACO will directly hold 20 percent of Saudi Bakeries Company’s shares.
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