GACO to pump SAR 40 mln into new entity

05/08/2018 Argaam

 

Al Gassim Investment Holding Co. (GACO) will cut its share in the new closed joint stock company to SAR 40 million from SAR 50 million, the company said in a bourse filing.

 

GACO inked on May 31 a 60-day memorandum of understanding (MoU) for the incorporation of a new closed joint stock company to produce and sell Saudi dates, with SAR 100 million in capital.

 

GACO, as a founding partner, had previously agreed to pump SAR 50 million in capital into the new entity, including the company’s administrative building, dates factory, and storage refrigerators.

 

GACO will pay the remaining amount in cash after conducting an assessment of the company’s said assets.

 

The founding committee will finalize the relevant measures, and the related financial impact will be duly revealed.

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