GACO to set up new entity at SAR 100 mln in capital

Al Gassim Investment Holding Co. (GACO) inked on May 31 a 60-day memorandum of understanding (MoU) for the incorporation of a new closed joint stock company at SAR 100 million in capital, the company said in a statement.

The new company, which has not yet been named, will produce and sell Saudi dates.

GACO, as a founding partner, will pump SAR 50 million in capital into the new entity, including the company’s administrative building, dates factory, and storage refrigerators. GACO will pay the remaining amount in cash after conducting an assessment of the company’s said assets.