Logo of Development Works Food Co.
Development Works Food Co. (DWF) signed today, May 19, 2021, a memorandum of understanding (MoU) with Sea Restaurants Co. to acquire 100% of its shares, in exchange for the issuance of shares in the former, according to a bourse filing.
The MoU has a term of six months, DWF said, adding that it will carry out due diligence on the company's financial, legal, administrative and operational conditions and will appoint a financial advisor for the deal.
DWF also said that the procedures for the proposed acquisition are subject to shareholders’ approval, along with the approval of the relevant regulatory authorities.
Sea Restaurants is a Saudi limited liability company that has 17 branches in the Kingdom and specializes in serving fresh seafood.
The MoU is part of DWF’s plan to diversify the company's investments in the field of food. It also supports the firm’s future plans to achieve targeted growth rates.
Any substantial developments regarding the proposed deal will be announced at due time.
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