AlBabtain Food terminates MoU to acquire Integrated Business

Logo ofAbdulaziz & Mansour Ibrahim AlBabtain Co. (AlBabtain Food)

Abdulaziz & Mansour Ibrahim AlBabtain Co. (AlBabtain Food) terminated the non-binding memorandum of understanding (MoU) with Integrated Business Co. LLC to acquire the latter on failure to reach an agreement.

Both parties agreed to terminate the MoU on June 22, the company said in a statement on Tadawul, adding that the step has no impact on its financials.

In December 2022, AlBabtain Food signed the non-binding MoU with Integrated Business to study the possible stake and feasibility of acquiring the latter, according to data available on Argaam.

The MoU was extended in February 2023 for 60 days, and for additional 30 days in May.

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