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Riyadh: Fawaz Abdulaziz Al-Hokair & Co. has signed an agreement for the acquisition of the wholly owned company Union International for 340 million riyals ($ 90.7 million).
In a statement about Tadawul, Al-Hokair said on Monday that Union Innovative Company Limited, a one-man company, belonged to Food and Leisure Trading Co. Ltd. (indirect property of Saudi Fes Holding Company).
The company was appointed financial advisor as part of the acquisition. Jihad Ahmed Turkistani and Mashari Abdul Aziz, legal counsel and legal advisor, as well as the company "PWC", conduct financial studies to avoid any ignorance.
The agreement includes a number of guarantees provided by Food and Leisure Trading Company Ltd. concerning the business activities of Union Innovative Company Limited and its real estate badets.
The agreement is subject to a number of prerequisites that must be met by December 31, 2019 by the Food and Commercial Leisure Company Limited.
The agreement provides that Fawaz Abdulaziz Al Hokair & Co. has the right to terminate it if any of the warranties provided by Food & Leisure Company Limited or by Saudi Fas Holding Company were found to be inaccurate.
Al Hokair indicated that it would settle the value of the transaction by replacing some non-core receivables as they were recorded in its balance sheet at the end of March 2019. The transaction would include no cash payments.
The agreement should contribute to the expansion of its activities in the food sector, knowing that this transaction comes at an opportune time because of the challenges of the current sectors in which the company operates in the food sector. general.
Etihad Innovative Ltd. is engaged in the food industry and services sector through international agencies and currently manages 10 brands and more than 200 branches in the Kingdom.
The company indicated that the transaction included a related party, to the extent that Food and Leisure Trading Co. Ltd. is indirectly owned by the Saudi Fas Holding Company, which holds shares in Fawaz Abdulaziz Al Hokair & Partners.
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