Abdulaziz and Mansour Ibrahim Al-Babtain Company “Al-Babtain Food” announced the signing of a non-binding memorandum of understanding with the “Integrated Business Company”, a limited liability company.
The company said in a statement on “Saudi Tadawul”, today, Sunday, that the memorandum comes in light of the desire of Al-Babtain Food Company to enter into negotiations with the aim of studying the feasibility and determining the percentage of acquisition of the “Integrated Business” company.
She explained that the memorandum also aims to reach an agreement in addition to defining the framework of understanding on the primary mutual obligations and rights between the two parties regarding the acquisition process, so that the implementation will be in accordance with the proposals and understandings submitted and approved by both parties, each according to his own, and the two parties also agreed that the acquisition percentage and the value of the final deal will be determined after the completion of the deal. Due diligence examinations.
She added that the work of this memorandum begins from the date of its signing and for a period of 90 days, subject to renewal, unless one of the two parties notifies the other of its unwillingness to renew, and that is only one month before its expiry.
And she continued, “The financial impact on the company’s financial results will be determined later, after the completion of the deal.”
She indicated that the acquisition process is conditional on the completion of the verification and due diligence processes in a manner that is compatible with the requirements of all relevant parties, and on condition of agreement on the final terms and conditions, and on condition of obtaining the regulatory approvals of the competent authorities, and any material developments will be announced regarding the memorandum of understanding or the deal. timely.