A consortium led by “Nadec” wins a contract to acquire the second milling company in Saudi Arabia

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Riyadh – Mubasher: The National Company for Agricultural Development announced NadecToday, Wednesday, on the award of a joint bid with Olam International Group, Al-Rajhi International Investment Company, and Abdulaziz Al-Ajlan Sons Company for Commercial and Real Estate Investment; To acquire a flour mill out of two flour mills that have been put up for privatization by the Saudi General Organization for Grain.

Intervals Nadec, “in a statement today, Wednesday, on the Saudi Stock Exchange website Saudi Tadawul, the joint bid was awarded to the coalition members by the National Center for Privatization and the General Organization for Grain, for the acquisition of the Second Matahen Company in Riyadh, Kingdom of Saudi Arabia.

The company added that the value of the contract amounts to 2.14 billion Yale, indicating that the acquisition is planned to be funded by the company for the Second Milling Company through a combination of self-financing by members of the alliance collectively and borrowing from local banks in the name of the company.

“Nadec” noted that the terms of the agreement signed with the members of the alliance on April 19 have become binding on the members of the alliance according to the joint offer to them. Equivalent to 10% of the company’s capital; To complete the acquisition of the second milling company, and its subsequent management and operation; According to the joint offer.

According to the statement, the terms of the agreement stipulated that the members of the coalition agree on a number of terms and conditions regarding business, administrative services and operational services for the Second Milling Company, which is to include an agreement governing Nadec’s purchase of specific products from the Second Milling Company, and an agreement through which Nadec provides services Administrative, marketing and support to Al Matahen Second Company; And that is according to what will be negotiated and agreed upon within the final agreements.

It drew Nadec, that the members of the alliance will complete the negotiations on concluding the final agreements that will regulate the process of establishing, managing and operating the company, managing and operating the company for the Second Milling Company, indicating that it will announce the details of the items agreed upon in the final agreements and any substantive developments in a timely manner in accordance with the relevant laws and regulations..

The company clarified that the acquisition is part of your club’s expansion plan. To enhance the value of its investments in the flour milling production sector in the Kingdom of Saudi Arabia.

She indicated that there are parties related to the agreement; Represented by Sulaiman Al-Rajhi Holding Company and its representative on the Board of Directors in Nadec Badr Abdulrahman Al-Sayyari This is according to the percentage of Sulaiman Al-Rajhi Holding Company’s ownership in Al-Rajhi International Investment Company.

I expected, “Call you.”According to the joint proposal award, that the coalition members complete the final negotiations phase regarding the final agreements within a period not exceeding 3 months from the release of the results of the joint offer..

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