Al -Othaim Markets expect a memorandum of understanding to acquire 51% of the creativity of the palace for marketing

Abdullah Al -Othaim Markets Company (Al -Othaim Markets) signed, last Thursday, a memorandum of understanding that is not binding for the purpose of acquiring 51% of the capital of the Creativity of the Palace for Marketing Company, “a limited liability company” that works in the field of food and consumer segmentation and has (11) branches in the city of Jeddah and Riyadh under the trade name “Manuel”.
The company said in a statement on Saudi Arabia’s circulation: The memo includes: The company’s acquisition of 51% of the capital of the Creativity of the Palace Company for Marketing, and the final decision to purchase the share depends on evaluating the shares and completing the negative examination of ignorance, and obtaining the necessary approvals from the competent authorities.
She added that the memorandum period is 90 days (renewable for a similar period), while it is expected to determine the financial impact after the signing of the shares purchase agreement.