Anaam International Holding Group announced today, Sunday, the signing of a non-binding memorandum of understanding for the possible acquisition of 55% of the shares of Abu Zeid Restaurants Company Ltd.
The company added, in a statement to Saudi Tadawul that the two sides agreed that the total value of the acquisition would be 75 million riyals and the purchase price of 41.25 million riyals.
The company has clarified that the obligations to complete the transaction (according to its terms) are subject to the completion of the first party (the acquirer) for due diligence and that the duration of the memorandum is 90 days from the date of signing of the agreement. .
It stated that the financial impact will be determined upon completion of the final assessment and that any material developments relating to the MoU or proposed acquisition will be announced in due course.
He added that the company’s address is the city of Jeddah – Al-Safa district, and it operates in the field of preparation and service of popular foods, has about 34 branches in the cities of the Kingdom and its sales exceed 100 million. of riyals annually.
He indicated that this acquisition aims to diversify the Anaam Holding Group’s business and work to exploit opportunities in the food sector and popular food restaurants, which are of great importance for the development of the local economy and the diversification of sources of income.
And he continued: “This memorandum aims to determine the understanding of the primary reciprocal obligations and rights between the two parties. in about a trial, in so that implementation complies with the proposals and understandings approved by the two parties “.
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