AlBabtain Food unveils details of deal with Nestle Saudi Arabia

03/12/2023 Argaam
Logo ofAbdulaziz Mansour Ibrahim AlBabtain Co. (AlBabtain Food)

Logo of Abdulaziz & Mansour Ibrahim AlBabtain Co. (AlBabtain Food)

Abdul Aziz & Mansour Ibrahim AlBabtain (AlBabtain Food) announced details of the agreement signed with Nestle Saudi Arabia on Nov. 22, according to a Tadawul statement.

 

The deal aims to develop business with Nestle Saudi Arabia through purchasing, selling and distributing its products in the Kingdom. The terms and conditions stipulated in the agreement will serve as the basis for reaching a final agreement. This is in addition to determining the framework of understanding on the obligations and primary mutual rights in this partnership. 

 

The agreement will enter into force from the signing date and expire on Dec. 31, 2023, the company said, adding that the deal will be automatically renewed upon the expiry date.

 

The relevant financial impact on the company's financial results will be determined later, and any material developments in this regard will be announced in due course. On Nov. 28, AlBabtain Food signed a business development agreement with Nestle Saudi Arabia, Argaam earlier reported.

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