Al-Babtain Food announces extension of non-binding MoU with Integrated Business

Abdulaziz and Mansour Ibrahim Al-Babtain Company (Al-Babtain Food) announced on Monday the signing of a non-binding memorandum of understanding with the Integrated Business Company (L.L.C) due to Al-Babtain Food Company’s desire to enter into negotiations with the aim of studying the feasibility and determining the percentage of acquisition of the business company Integrated commercial (L.L.C). This is for an additional period of 60 days and with the same previous terms and conditions, starting from the expiry date of the Memorandum of Understanding so that its new expiration date will be 24-05-2023, in order to complete the legal formulations and financial and technical studies of the agreement.
The Company said today on “Tadawul” that the financial impact on the company’s financial results will be determined later after the completion of the transaction and explained that any material developments regarding the MOU or the transaction will be announced in due course.
This comes further to the announcement of Abdulaziz, and Mansour Ibrahim Al-Babtain Company (Al-Babtain Food) about signing a non-binding memorandum of understanding with the Integrated Business Company (L.L.C) due to Al-Babtain Food Company’s desire to enter into negotiations with the aim of studying the feasibility and determining the percentage of acquisition of the business company Integrated commercial (L.L.C) and understanding to reach an agreement in addition to defining the framework of understanding about the initial mutual obligations and rights between the two parties regarding the acquisition process.