SAIC inks non-binding MoU to acquire 30% of Wardat Al Mashreq

Logo of Saudi Advanced Industries Co. (SAIC)

Saudi Advanced Industries Co. (SAIC) inked a non-binding memorandum of understanding (MoU) to acquire no more than 30% stake in Wardat Al Mashreq Food Co., SAIC announced in a bourse filing. 

Wardat Al Mashreq is a limited liability company that produces and markets dairy products. 

The acquisition is in line with SAIC’s strategy and future plans, and is expected to add value to the company and its shareholders. 

The deal value as well as the target stake will be determined upon the final agreement.  

The MoU is valid for six months and is subject to renewal upon the agreement of both parties.  

Both parties agreed to perform the necessary due diligence.  

The deal has no related parties, and the relevant financial impact cannot be determined at present.  

SAIC appointed Ithmar Saudi Co. as financial advisor on the deal.