Alujain appoints financial advisor for Mobi acquisition, extends MoU duration

Alujain Corporation appointed Al Jazeera Capital as the financial advisor, replacing Swiscorp, for the potential acquisition of the non-listed National Fertilizer Company (Mobi).

Alujain said in a statement to Tadawul that it also extended the duration of the memorandum for 6 months starting from Jan. 4, 2020.

On July 4, 2019, the company had signed a 6-months non-binding agreement to acquire Mobi.

The deal aims to double Alujain’s share in local detergent market and raise its operating efficiency through merging subsidiary Zain Industries in Mobi, in line with the firm’s strategy to diversify its investments and reach the target growth rates.