Logo of AlBabtain Food
Abdulaziz & Mansour Ibrahim AlBabtain Co. (AlBabtain Food) extended the non-binding memorandum of understanding (MoU) signed with Integrated Business Co. for an additional period of 30 days.
The agreement has the same previous terms and conditions and expires on June 23, according to a statement to Tadawul.
The extension comes in order to complete the legal formulations and financial and technical studies of the agreement.
There are no costs associated with extending the MoU, the statement said.
The related financial impact on financial results will be determined later after the completion of the transaction.
In December, AlBabtain Food signed the MoU with Integrated Business to study the possible stake and feasibility of acquiring the latter, according to Argaam's data.
The MoU was extended last February for 60 additional days.
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