Al Othaim terminates MoU to acquire 51% of Ebdaa Al Qasr

Logo of Abdullah Al Othaim Markets Co.

Abdullah Al Othaim Markets Co. announced today, June 25, terminating a non-binding memorandum of understanding (MoU) with Abdulilah Ahmed Al-Darwish and Al-Musbah Global Trading Co. to acquire 51% of Ebdaa Al Qasr Marketing LLC.

The termination came after the parties failed to reach an agreement, Al Othaim said in a filing to Tadawul.

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The cost of financial and legal due diligence related to the MoU reached approximately SAR 1 million. In March, Al Othaim signed the MoU, according to data available with Argaam.