“Development Food”: failure to complete the acquisition of “fish restaurants”

The Food Development Business Company has announced the end of the memorandum of understanding concluded with a fish restaurant company to acquire 100% of the company’s shares, due to the lack of agreement between the two parties.

The company stated in a statement to the “Saudi Tadawul” market today, Sunday, which aims to acquire “fish restaurants” in exchange of the issue of shares of the development company.

The company said there is no financial impact on the company’s listings and there are no costs associated with the event.

The Food Development Business Company had signed a memorandum of understanding to acquire 100% of the shares of a seafood restaurant company in May 2021. While the memorandum of understanding was about 6 months and there are no related parties.

At the time, the Food Development Company said it would conduct a due diligence review of the financial, legal, administrative and operational condition of a marine catering company and assigned a financial advisor to carry out the assessment work.

The Seafood Company is a Saudi limited liability company that has 17 branches in the Kingdom and specializes in the supply of fresh seafood.

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