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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 | 66.45 | 0.10 (0.15 |
| ALMARAI | 47.62 | 0.20 (0.42 |
| SAVOLAGROUP | 24.40 | -0.44 (-1.78 |
| SADAFCO | 275.00 | 0.00 (0.00 |
| SFICO | 87.80 | 0.40 (0.45 |
08/08/2025
Burjeel Holdings, a leading super-specialty healthcare services provider in MENA, has delivered a strong top-line growth of 18.7% to AED1,403 million ($381.98 million) in Q2 2025, driven by a 12.1% i
Trade Arabia
08/08/2025
Saudi Arabian Mining Company (Maaden) has reported a 73% jump in its net profit for the first half, which soared to SAR3.47billion ($924 million) from SAR2.01 billion ($535 million) last year, mainly
Trade Arabia
08/08/2025
Market heavyweight Industries Qatar (IQ) - the holding entity of Qatar Petrochemicals, Qatar Fertiliser and Qatar Steel - has reported net profit of QR2bn in the first half (H1) of 2025.
The
Gulf Times
08/08/2025
Aramex reported group revenues of Dh3.06 billion for the first half of 2025, marking a 1% year-on-year increase, as growth in domestic and regional logistics offset weakness in international express
Gulfnews
08/08/2025
Parkin Company PJSC, the city's largest paid public parking provider, reported a record 56% year-on-year rise in Q2 2025 revenue to Dh320 million, driven by higher public parking tariffs, strong enfo
Gulfnews
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