Tabuk signs MoU to acquire Gulf Food Investment food business
Tabuk Agricultural Development Co. [6040.SE] has inked a memorandum of understanding (MoU) with Gulf Food Investment to acquire its food business and set up a new joint entity. The MoU states that Tabuk will own a 49% stake for an investment of SAR30mn. The preliminary agreement will expire on 31 Mar 2018, unless terminated by either party or the deal is concluded, and the required due diligence will be carried out by Tabuk Agriculture. The deal is subject to the approval of regulatory authorities and Tabuk's shareholders.
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