Tabuk Agricultural Development Co. (TADCO) signed a non-binding memorandum of understanding (MoU) term sheet to sell its full stake in Horizon Food Co. Ltd., Al Khobar, to Saudia Dairy and Foodstuff Co. (SADAFCO), the company said in a bourse statement on Monday.
The agreement has a term of 3 months from the signing date to perform due diligence test.
TADCO added that it expects a positive financial impact upon completing the deal.
In a separate statement, SADAFCO said that the full financial value of the transaction will be determined and announced after the completion of the due diligence process.
Horizon Food is active in the field of food preparation and preservation, Tabuk Agricultural added, noting that it holds 1.55 million shares of the company representing 50% of its capital.
The statement also added that Ahmed Al-Arfaj, TADCO’s partner at Horizon is a related party.
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