Al Othaim extends MoU with AGAD United for its opening of Al Baik restaurant chain

08/01/2015 Argaam

Abdullah Al-Othaim Markets Company said on Thursday that it has extended its memorandum of understanding with AGAD United Company for Investment for an additional 30 days, according to the company’s statement to Saudi Arabia’s bourse, Tadwaul.


The MoU was signed in order to establish a limited liability company to open, operate, and manage Al Baik restaurant chain in Saudi's​ Al-Qassim region.


Al-Othaim added that it is working on processing and completing the necessary procedures for the chain.

Last October, Al-Othaim signed a non-binding MoU with AGAD United Company for Investment, one of the sister companies of Al Baik Food Systems Company Ltd., in order to establish a SAR 100 million capital limited liability company.

The MoU was set to be valid just 90 days from its signing date, according to data compiled by Argaam.

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