Abdullah Al Othaim Markets Co. has announced that regarding the previously-signed memorandum of understanding (MoU) with United Co. for Investment (AGAD), a sister of ALBAIK Food Systems Co., that it has already taken the MOU one step further by signing a binding shareholder agreement to establish a limited liability company with a share capital of SAR100 million .

The purpose of this company is to obtain exclusive license rights to open, operate and manage ALBAIK restaurants in Al Qassim region.

The stake should be 25% for Al Othaim and 75% for AGAD .

The necessary approvals should be obtained before February 15, 2015.