TADCO signs non-binding MoU to provide catering services to restaurants, hotels

Logo of Tabuk Agricultural Development Co.

Tabuk Agricultural Development Co. (TADCO) signed, on Dec. 13, a non-binding memorandum of understanding (MoU) with Support Warehouse Co. to enter into a partnership with the aim of providing catering services to the companies operating in the restaurants, hotels, cafes and catering sector.

In a statement to Tadawul, the company added that the move also aims to start the transformation to provide the services electronically and expand the import and distribution process. 

The MoU is effective for 60 days from the date of signing, and may be renewed, the statement noted, adding that there is no current financial impact on the company's results.

The related parties are Muhammad Dayel and Nawaf Dayel. Muhammad is a board member in the subsidiary, Food Horizons Co., and shareholder of Rawaj Al-Awwal Holding Co. that is a shareholder of Support Warehouse. Nawaf is a brother of Muhammad Dayel and shareholder of Naad International Investment Co. that is a shareholder of Support Warehouse.  

Any developments will be announced in due time, TADCO said.