“Artex”: Termination of the memorandum of understanding to acquire “Al Reef Sugar”
Artex Industrial Investment Company signed an agreement to terminate the memorandum of understanding between Al-Reef Sugar Refining Company and Ithraa Holding Company.
The company said in a statement on its website "Saudi Arabia trading": The termination of the agreement is due to the failure to meet the necessary conditions to complete the acquisition process in accordance with what was stipulated in the memorandum of understanding, without resulting in any financial or legal obligations on either party.
She explained that Al-Reef Sugar Company is currently undergoing a financial reorganization procedure, according to a judicial ruling issued by the competent court on 10-11-2025 AD, and under the supervision of the procedure secretary, and the scope of the procedure includes the debtor and the guarantors according to what was stated in the ruling, which results in the suspension of claims on the company. and its guarantors for a period of up to 180 days from the date of the start of the procedure, in accordance with the bankruptcy law.
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