Alujain Corp. signed on July 4 a non-binding agreement to acquire the un-listed National Fertilizers Co., the firm said in a bourse statement.
The sale value was not disclosed, however, the parties have agreed on an initial value, while the final value and acquisition method will be after completing the due diligence, it said.
The six-month agreement is renewable, and has no related parties, the statement said.
Swicorp was named Alujain financial advisor, while Falcom Financial Services is the advisor of the National Fertilizers – the producer of Mobi brand.
The deal aims to double Alujain’s share in the local detergents market and raise its operating efficiency through merging subsidiary Zain Industries into National Fertilizers, in-line with the firm’s strategy to diversify its investments and reach the target growth rates.
Further developments will be disclosed as they occur, the statement added.
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