Al-Sorayai inks MoU to acquire firm in Hong Kong

Al-Sorayai Group has signed a memorandum of understanding (MoU) with Hong Kong-based Impex Trading Co. to fully acquire the capital of China-based Jackson Moquette Co., the group said in statement.

The deal was signed on Wednesday with the MoU effective till Nov. 30, 2015. The statement didn’t disclose any financial terms of the deal.

According to the MoU, Al-Sorayai and Impex will conduct a due diligence process for Jackson Moquette before concluding the deal, which will be subject to final approval from the board, shareholders, and relevant authorities.

The two companies have appointed Rödl & Partner as financial and legal advisor for the agreement.

Al-Sorayai said the deal is part of the company’s strategy to expand into rugs manufacturing, both locally and globally.