Development Works Food says MoU to acquire Sea Restaurants ends with no agreement

14/11/2021 Argaam

Logo of Development Works Food Co.

Development Works Food Co. announced the expiry of the memorandum of understanding (MoU) signed with Sea Restaurants Co. to acquire 100% of its shares, due to failure to reach an agreement between the two parties, according to a bourse filing.

 

There is no financial impact on the company's financials and no costs were incurred by the company, the statement added.

 

In May, Development Works Food signed an MoU with Sea Restaurants to buy its entire stake, in exchange for the issuance of shares in Development Works Food, according to data compiled by Argaam.

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