Thimar terminates non-binding MoU to acquire 50% of Madar Al Khair Trading

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. announced the termination of a non-binding memorandum of understanding (MoU) to acquire 50% Madar Al Khair Trading Co. in Riyadh, without finalizing a binding agreement.

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In a statement to Tadawul, the company said that it will continue to explore various investment opportunities that will contribute to its best interests and stability.

The costs associated with the MoU termination amounted to approximately SAR 3,000 for financial advisory services, the statement said.

According to data available with Argaam, Thimar announced in August 2024 that a non-binding MoU was signed with Madar Al Khair.

At the time, the company said that it was considering the acquisition of up to a 50% in Madar Al Khair. The move was aimed at leveraging Madar Al Khair’s competitive edge in developing its business and supporting its sustainability and growth.

The plan also aimed at keeping pace with the anticipated demand increase during the coming years.