AlBabtain Food signs non-binding MoU to acquire Integrated Business

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

Abdulaziz & Mansour Ibrahim AlBabtain Co. (AlBabtain Food) signed a non-binding memorandum of understanding (MoU) today, Dec. 25, with Integrated Business Co. LLC to study the possible stake and feasibility of acquiring the latter, according to a statement to Tadawul.

The MoU aims to reach an agreement on defining the framework of the initial mutual obligations and rights between the two parties on the acquisition process. This is in order for the execution to be carried out in accordance with the proposals and understandings approved by both sides, each as per its own measure.

The two parties also agreed that the to-be-acquired stake and the value of the final deal will be determined after the completion of the due diligence.

The MoU will enter into force from the signing date and will run for 90 renewable days, unless one of the parties notifies the other of otherwise one month prior to the end of the renewal term.

The impact on financial results will appear upon the deal completion, AlBabtain noted, adding that there are no related parties.

The acquisition is conditional on finalizing the verification and due diligence reviews, in a manner that is compatible with the requirements of all related parties. It still pending an agreement on the final terms and conditions, besides obtaining the statutory approvals of the competent authorities.

Any major update regarding the MoU or the stake acquisition will be announced in due course, it underlined.

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