Bawan initiates buyout talks with Saudi firm

01/04/2014 Argaam

Bawan Wood Industries Company (BWIC) agreed to start due diligence checks to buy 100% stake in Inma Pallets Company. The value of the deal will depend on financial and legal audits, said the parent company.

Saudi-based Bawan, the 95 percent owner of Bawan Wood Industries, said it signed a memorandum of understanding with the target firm’s owners, Khalid bin Ali Alturki and Khalid bin Ali Alturki & Sons Company to initiate the process.

Details of the deal, including its value, will depend on financial and legal due diligence, said the company in a statement on Tadawul.

The agreement is valid for four months starting March 31 and is renewable by mutual agreement.

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