Al Gassim extends MoU to buy Advanced Bakeries for 1 month

25/09/2019 Argaam

 

Al Gassim Investment Holding Co. (GACO) has extended a non-binding memorandum of understanding (MoU) to buy Advanced Bakeries Ltd. for one additional month under the same terms starting from the scheduled termination date.

 

The preliminary deal was extended by Al Gassim to complete the required procedures, the company said in a bourse statement.

 

No related parties are involved in the deal, the company said, adding no financial impact is expected from the extension.

 

Any related developments will be disclosed later on, the statement added.

 

On June 23, Al Gassim signed a 90-day non-binding memorandum of understanding (MoU) to buy a 67.1 percent stake in Advanced Bakeries Ltd.

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