Riyadh - Mubasher: Tabuk Agriculture Development Company (TADCO) has signed a memorandum of understanding (MoU) with Ahmed Hussein Ahmed Al Amri Foundation to acquire a 60% stake of its new company which is under construction. 

The Saudi Arabia-based firm plans to invest SAR 60 million at maximum in return of a 60% share in the new company, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

Moreover, TADCO has the right to trim its investment to maintain its ownership in the new firm, the statement added. 

The deal between the two parties is subject to the approval of Saudi regulators and TADCO’s extraordinary general assembly.

The contract will last until 31 March 2018, unless it is cancelled by any party or the final transaction is implemented, the statement concluded.