Tabuk Agricultural ends MoU to buy Astra Food’s unit

Tabuk Agricultural Development Co. (TADCO) on Oct. 15 terminated the memorandum of understanding (MoU) signed with Astra Food Co. to acquire the latter’s agriculture business.

Negotiations and procedures related to the acquisition have been halted without any liabilities to either party, the company said in a bourse statement on Tuesday.

In May 2016, Tabuk inked a preliminary agreement with Astra Food to acquire its agricultural division, Astra Farms, and the related transport services under a share swap deal, Argaam earlier reported.

In December, the deal was extended until Dec. 31, 2017 to complete negotiations between the two parties. The deal was initially scheduled to expire on September 30.