AlBabtain Food inks new MoU to acquire Integrated Business

Logo of Abdulaziz & Mansour Ibrahim AlBabtain Co. (AlBabtain Food)

Abdulaziz and Mansour Ibrahim AlBabtain Co. (AlBabtain Food) signed today, Aug. 2, a new non-binding memorandum of understanding (MoU) with Integrated Business Co. LLC.

The MoU was signed due to AlBabtain Food’s desire to enter into new negotiations with Integrated Business to study the feasibility and determine the percentage of acquisition, according to a statement to Tadawul. 

In addition, the MoU aims to reach a new final agreement and define the framework of understanding about the initial mutual obligations and rights between the two parties regarding the acquisition process, so that the process would be implemented in accordance with the proposals and understandings submitted and approved by both sides.

In December 2022, AlBabtain Food signed a non-binding MoU with Integrated Business to study the possible stake and feasibility of acquiring the latter, but it was canceled due to the failure to reach an agreement between the two parties.