Bishah approves initial merger talks with Al Buzoor Al Khams

Bishah Agricultural Development Co. board has approved initiating talks on a potential merger with Al Buzoor Al Khams Trading Group, the company said in a statement to Saudi bourse, Tadawul.

The decision came after the company studied a number of merger bids.

Al Buzoor Al Khams, incorporated in 1990, operates in the fields of wholesale fashionwear, silos, real estate, nutrition and media.

On April 20, Bishah said it is studying several scenarios for a potential merger with other entities, as part of the company’s restructuring plan in compliance with Article 150 of the corporate law on firms with accumulated losses of over 50 percent of capital, Argaam reported.