Al Othaim Markets signs a memo of understanding with Agad to establish a SAR 100 million JV

Abdullah al-Othaim Markets signed a non-binding memorandum of understanding with Agad United Company for Investment to establish a SAR 100 million limited liability joint venture that will open, operate and manage the Al Baik restaurants in al-Qassim region, the company said in a statement to the Saudi bourse.

Agad, one of the sister companies of Al Baik, will have 75 percent stake in the company, while the remaining stake will be owned by al-Othaim.

Abdullah al-Othaim will finance the company from its own resources. The memo expires in 90 days during which the two partners will either reach an agreement to form the JV, or extend the memo or end the venture.