Al Kuzama signs initial MoU to acquire stake in Raed Foods Catering

Logo of Al Kuzama Trading Co.

Al Kuzama Trading Co. announced the signing of a non-binding memorandum of understanding (MoU) to acquire a 60% ownership stake in Raed Foods Catering Co., a limited liability company (LLC) operating in the restaurant sector.

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Al Kuzama said in a statement on Tadawul that the 70-day MoU is renewable for a similar period, as the final decision to acquire the stake is subject to the company’s valuation, completion of due diligence, and obtaining the necessary approvals from the relevant authorities.

The financial impact resulting from the acquisition will be determined once the required approvals are obtained and the final share purchase agreement (SPA) is signed.

This MoU does not create any binding legal obligation until the final SPA is signed, Al Kuzama indicated, noting that any developments in this regard will be announced in due course.