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09/10/2017 06:54 AST
National Agricultural Development Company (NADEC) and Al Safi Danone Company (ASD) have entered into a non-binding agreement to explore a possible merger.
"The term of the MOU [Memorandum of Understanding] is for a period of six months. The parties have agreed on an exclusivity period during which they will conduct financial, commercial and legal due diligence," NADEC said in a disclosure to the Saudi stock exchange.
Under the memorandum of understanding, NADEC is proposing to buy all shares of ASD and in exchange offer new NADEC shares to ASD's current shareholders, which will be implemented through a capital increase.
"Subject to confirmation during the due diligence phase, at completion of the Proposed Transaction, the current ASD shareholders will, in aggregate, own 38.75 percent of NADECs pro forma issued share capital," NADEC told the Saudi bourse.
ASD, engaged in the production of fresh dairy products and juices, is a joint venture between Saudi Arabia's Al-Faisaliah Group and French food firm Danone Group.
"The Proposed Transaction will be subject to a number of conditions including, without limitation, entry into definitive agreements, NADECs EGM approval and ASDs shareholder approvals and obtaining the necessary approvals from the relevant government authorities," NADEC said.
"The entry into these discussions does not guarantee that the Proposed Transaction will be completed."
Arab News
30/03/2018
Saudi Arabia-based Al Safi Holding, a unit of Al Faisaliah Group, has sold its shares in Al Safi Danone Company (ASD), a producer of dairy and juice products, to National Agricultural Development Co
Trade Arabia
26/03/2018
Nadec, the Saudi food and beverage company in which the kingdom's sovereign wealth fund has a 20 per cent stake, agreed to buy rival Al Safi Danone in a deal that will be funded through a 536 million
The National
08/10/2017
National Agricultural Development Company (NADEC) is pleased to announce that it has entered into a non-binding memorandum of understanding (the MOU) on 17/1/1439H corresponding to 7/10/2017G with Al
Tadawul
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| FADECO | 79.00 | 0.00 (0.00 |
| ALMARAI | 53.80 | 0.40 (0.74 |
| SAVOLAGROUP | 30.85 | 0.15 (0.48 |
| BALADY | 281.00 | -5.00 (-1.75 |
| SADAFCO | 309.60 | 1.80 (0.58 |
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Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
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Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
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The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
Financial Information Co.
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