United Wire Factories Company (Aslak) has signed a non-binding Memorandum of Understanding for the possible acquisition of an equity stake in Thimaar Food & Catering Company.
According to Arabiya Net, the company explained in a statement, that this memorandum aims to determine the understanding about the initial mutual obligations and rights between the two parties regarding the acquisition process, so that implementation will be in accordance with the proposals and understandings. Approved by both parties.
And she added that the two parties had agreed to determine the value of the final deal after completing the evaluation and due diligence work.
This memorandum shall be effective from the date of its signature and for a period of 90 days, renewable with the consent of both parties, and there are no related parties.
The financial impact will be determined after the final evaluation is completed, and this potential deal comes as a strategic direction for the Union Wire Factories Company that aims to diversify sources of income and maximize its profitability through Its various investments, and the Memorandum of Understanding is not binding on the parties, and any material developments in relation to the Memorandum of Understanding or the proposed acquisition will be announced in due course.
