NADEC says talks over DAVA acquisition ‘ongoing’

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National Agricultural Development Co. (NADEC) said that the financial, technical and legal due diligence related to its memorandum of understanding (MOU) inked with Dava Agricultural Co. (DAVA), is still being conducted, according to a bourse statement.

NADEC indicated that there are ongoing talks to reach a preliminary agreement with creditors as regards financing the potential acquisition deal.

The final agreement will be signed after completion of financial, technical and legal due diligence of the related assets.

These talks have no related financial impact, the statement added.

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

DAVA’s business includes advanced hydroponic and climate-controlled greenhouses on multiple sites in the Kingdom for vegetables and fruits production, Argaam reported.

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