Al Othaim extends MoU with AGAD United for its opening of Al Baik restaurant chain

Abdullah Al-Othaim Markets Company said on Thursday that it has extended its memorandum of understanding with AGAD United Company for Investment for an additional 30 days​, according to the company’s statement to Saudi Arabia’s bourse, Tadwaul.​

The MoU was signed in order to establish a limited liability company to open, operate, and manage Al Baik restaurant chain ​in ​Saudi's​ Al-Qassim region​.​

Al-Othaim added that it is working on processing and completing the necessary procedures for the chain.

Last October, Al-Othaim signed a non-binding MoU with AGAD United Company for Investment, one of the sister companies of Al Baik Food Systems Company Ltd., in order to establish a SAR 100 million capital limited liability company.

The MoU was set to be valid just 90 days from its signing date, according to data compiled by Argaam.