Riyadh – Mubasher: The National Agricultural Development Company (NADEC) has entered into discussions regarding a proposed acquisition of either the entire share capital of Dava Agricultural Company (DAVA) or certain assets that have an area up to 70 Hectares.
NADEC said it signed a non-binding memorandum of understanding (MoU) with DAVA and the sole shareholder in DAVA, Battal Saeed Battal Al Dosary, according to a stock exchange filing on Monday.
DAVA’s business includes advanced hydroponic and climate-controlled greenhouses on multiple sites in Saudi Arabia for vegetables and fruits production.
The proposed transaction will be subject to a number of conditions such as obtaining any third-party approvals, including any regulatory approvals required from any government authority in Saudi Arabia.
