Bishah Agricultural Development Co. has signed a non-binding preliminary memorandum of understanding (MoU) on a potential merger with Al Buzoor Al Khams Trading Group, the company said in a statement to Saudi bourse, Tadawul.
Al Buzoor Al Khams is expected to submit a binding offer in 90 days, after completing the necessary financial and legal studies.
Al Buzoor Al Khams, incorporated in 1990, operates in the fields of wholesale fashionwear, silos, real estate, nutrition and media.
On April 20, Bishah said it is studying several scenarios for a potential merger with other entities, as part of the company’s restructuring plan in compliance with Article 150 of the corporate law on firms with accumulated losses of over 50 percent of capital, Argaam reported.
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