Riyadh - Mubasher: Abdullah Al Othaim Markets Company announced last Thursday, February 27, signing a non-binding memorandum of understanding with Abdulilah Ahmed Al Darwish and Al Misbah International Trading Company Limited, to acquire 51% of the capital of Ebdaa Al Qasr Marketing Company (a limited liability company).

The company explained in a statement today, Sunday, on “Tadawul” that Ebdaa Al Qasr operates in the field of retailing food and consumer goods and has 11 branches in Jeddah and Riyadh under the trade name Manuel.

The company added that the final decision to purchase the stake depends on the evaluation of the shares, completion of due diligence, and obtaining the necessary approvals from the competent authorities, indicating that the duration of the memorandum is 90 days, renewable for a similar period, expecting that the financial impact will be determined after signing the share purchase agreement.

The company indicated that this memorandum does not create any binding legal obligation until the final signing of the share purchase agreement, noting that any developments in this regard will be announced.