Logo of United Wires Factory Co. (Aslak)
United Wires Factory Co. (Aslak) agreed with Thamar Nutrition and Subsistence Co., a limited liability company, to extend the non-binding memorandum of understanding (MoU) signed earlier to potentially acquire a stake in the latter, for a renewable period of 45 days.
Aslak said that the MoU can be extended upon mutual agreement of the two parties to complete the required due diligence process.
In October 2021, the wire manufacturer signed a non-binding MoU with Thamar Nutrition to potentially acquire a stake in the latter, upon reaching a final agreement between the two parties, Argaam earlier reported.
The initial agreement was valid for 90 days from the signing date, subject to renewal upon the approval of both parties. It was extended last January for 60 days.
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