NADEC expects to complete DAVA acquisition by Q3 2021, says CEO

Steen Hadsbjerg, CEO of NADEC

National Agricultural Development Co.’s (NADEC) CEO Steen Hadsbjerg said that Dava Agricultural Company (DAVA) deploys the latest technologies in the vegetable and fruit business and has strong strategically-relevant trends with NADEC.

DAVA also enjoys a strategic location in Kharj province, Hadsbjerg told Al-Arabiya TV.

The expected finance for the deal will be a mix of cash, in-kind shares and loans. Work is ongoing in this regard, Hadsbjerg added, expecting the deal to be completed in the second or third quarter of the year.

Commenting on submitting a joint acquisition bid for a flour mill, he explained that the acquisition is proceeding as planned and talks are ongoing among the alliance parties about the stake of each party.

Hadsbjerg disclosed that more acquisitions are likely, as NADEC sees great opportunities in the vegetable and fruit market, while it does not expect strong growth in its conventional business amid market surplus. Growth will depend on the new business in the future.

On March 8, 2021, NADEC signed a non-binding memorandum of understanding (MOU) with DAVA and its sole shareholder, Battal Saeed Battal Al Dosary, to enter into discussions regarding proposed acquisition of Dava, or certain assets that have an area up to 70 hectares.

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