Aslak products
United Wire Factories Co. (Aslak) signed on Nov. 13 a memorandum of understanding (MoU) for the potential acquisition of a stake in Al-Raeda Industrial Investment Co., according to a statement to Tadawul.
The 180-day MoU, effective as of the signing date, is renewable.
Its aim is to determine the mutual obligations as well as rights pertaining to potential acquisition. Both parties also discussed the final value of the deal after the completion of valuation and the due diligence process.
The relevant financial impact will be determined upon finalizing the valuation, the statement said, noting that the deal does not include any related parties.
The deal falls within the company’s strategic approach to diversify its sources of income and maximize profit from various investments.
Material updates will be duly revealed, the statement added.
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