SAIC scraps MoU for Dar Al Balad takeover

Logo of Saudi Advanced Industries Co. (SAIC) 

Saudi Advanced Industries Co. (SAIC) terminated the memorandum of understanding (MoU) signed with Dar Al Balad Business Solutions Co., with no agreement reached between the two parties and no obligations entailed, according to a statement to Tadawul.

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The company signed, on June 3, a non-binding MoU to fully acquire Dar Al Balad's share capital, including its rights and obligations, subject to reaching a final agreement between the two parties, according to Argaam’s data.