Riyadh – Mubasher: Al Gassim Investment Holding Company (GACO) has inked a non-binding memorandum of understanding (MoU) to acquire a 67.1% stake in Advanced Bakeries, representing 20% stake in Saudi Bakeries Company’s shares.
The deal could be extended for 90 days upon mutual agreement, GACO said in a statement to the Saudi Stock Exchange (Tadawul) on Monday.
Under the agreement, both parties will estimate the deal value after conducting the required financial and legal due diligence.
The deal aims at diversifying GACO’s investments, in addition to supporting its future expansions along with Saudi Vision 2030.
The company noted that it will announce any related financial impact and other development later on.
By completing the deal, GACO will directly hold 20% in Saudi Bakeries Company.
