Al Othaim inks MoU to acquire 51% of Ebdaa Al Qasr

Logo of Abdullah Al Othaim Markets Co. 

Abdullah Al Othaim Markets Co. signed on Feb. 27 a memorandum of understanding (MoU) with Abdulilah Ahmed Al-Darwish and Al-Musbah Global Trading Co. to acquire 51% of Ebdaa Al Qasr Marketing LLC.

Ebdaa Al Qasr is a consumer and food products retailer, operating through 11 Manuel-branded branches in Jeddah and Riyadh, the company said in a statement to Tadawul.

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The final decision on acquisition relies on the evaluation process, completion of due diligence and obtaining the necessary approvals from the relevant authorities.

Al Othaim clarified that the 90-day MoU is renewable for a similar period. The financial impact will be determined after signing the share purchase agreement (SPA).

The MoU does not include any legally binding obligation until the SPA is signed, the statement said. Any relevant developments will be announced in due course.