NADEC announces signing of final agreement for flour mill acquisition today

13/07/2021 Argaam

Logo of NADEC

National Agricultural Development Co. (NADEC) announced that the consortium members concluded negotiations on the final agreements, related to the acquisition of the Second Milling Co.

 

The consortium intends to sign the final agreements later today, July 13, NADEC said in a statement to Tadawul.

 

The company will announce any material developments, as required by the relevant rules and regulations.

 

NADEC entered a term sheet on April 19, 2021, with consortium members – OLAM International Limited, Al Rajhi International for Investment Co., and Abdulaziz Alajlan & Sons Co. for Commercial and Real Estate Investment – to acquire a flour mill of the two offered for privatization by National Center for Privatization & PPP (NCP) and the Saudi Grains Organization (SAGO), Argaam reported.

 

The joint offer was submitted to SAGO on April 19, after NADEC’s board agreed on the term sheet, joint bid submission, as well as disclosing directors’ interests.

 

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