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Anaam International Holding Group signed on March 29, 2021, a non-binding memorandum of understanding (MoU) with Al Takamul National Agriculture Co. for the potential acquisition of 100% of the shares.
The company said in a bourse statement that the MoU will be effective for a period of 180 days after the signing date, which can be extended with the consent from both parties.
The transaction value will be paid by issuing shares in Anaam, based on the final value that is reached after the completion of the due diligence exercise.
Takamul National Agriculture Co. was founded in 1984, and is considered as one of the leading companies working on the supply of seeds, fertilizers, pesticides and agricultural soil of various kinds.
The company also owns Nawara Nursery, through which trees, outdoor shrubs, and summer and winter annual flowers are produced, and breeding and production of indoor plants and protected vegetables. The company also provides many agricultural consultations to its clients.
The company's sales exceeded SAR 100 million in 2019 and 2020.
The acquisition is in line with Anaam’s strategy and expansion plans and will help in the integration with the agricultural lands it owns, which will contribute to supporting the target company in its future expansions.
It is also expected that this potential acquisition will add value to the group and its shareholders.
Anaam appointed Wasatah Capital as a financial advisor for this potential transaction.
There are no related parties involved, the statement added.
The procedures for the proposed acquisition are subject to the approval of the extraordinary general assembly meeting and the competent authorities.
Any material developments regarding the MoU or the proposed acquisition will be announced in due course.
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