Aslak extends MoU for potential stake acquisition in Al-Raeda Industrial

12/05/2024 Argaam
Logo ofUnited Wire Factories Co. (Aslak)

Logo of United Wire Factories Co. (Aslak)

United Wire Factories Co. (Aslak) extended its memorandum of understanding (MoU) for the potential acquisition of a stake in Al-Raeda Industrial Investment Co., according to a statement to Tadawul today, May 12.

 

The 180-day MoU, effective as of the signing date, is renewable under a written agreement between the two parties.

 

 
Aslak indicated that this potential transaction aligns with its strategic direction to diversify income sources and maximize profitability through various investments. It also noted that any significant developments will be announced later.
 
In November 2023, Aslak signed the MoU with Al-Raeda Industrial for the potential stake acquisition, subject to reaching a final agreement between the two parties, according to data compiled by Argaam.

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