SAIC says MoU with Wardat Al Mashreq not renewed on failure to reach agreement

30/11/2022 Argaam
Logo of Saudi Advanced Industries Co. (SAIC)

Logo of Saudi Advanced Industries Co. (SAIC)


Saudi Advanced Industries Co. (SAIC) announced not renewing its non-binding memorandum of understanding (MoU) to acquire no more than a 30% stake in Wardat Al Mashreq Food Co., it said in a filing to Tadawul. 

 

The company attributed the move to failure to reach an agreement.

 

In May, SAIC signed a non-binding MoU to acquire a 30% stake in Wardat Al Mashreq Food, according to data available with Argaam.

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