The National Agricultural Development Company (NADEC) has entered into a non-binding memorandum of understanding with the Dafa Agricultural Company, regarding the possibility that Nadec will acquire the entire capital of the company or some of its assets, in which the capital is owned by Tal Saeed Battal Al-Dossary. Its area is 70 hectares
According to Arabia Net, Dafa's works include greenhouses with high technology and indoor climate controlled and controlled in multiple locations in the Kingdom of Saudi Arabia and the production of vegetables and fruits.
The Memorandum of Understanding is effective from the date of its signature by all parties for a period of six (6) months. Either party may terminate the Memorandum of Understanding upon written notice.
The proposed deal will be subject to a number of conditions, including, for example, determining the nature of the proposed deal, and whether Nadec will acquire all of Dafa's capital or some of its assets, and Nadec will determine this after completing the necessary professional studies, whether financial, commercial, legal or tax. And the completion of the preparation of the final documents for the proposed deal, and obtaining any approvals from third parties, including any approvals from the competent authorities in the Kingdom of Saudi Arabia.
