Riyadh – Mubasher: Bawan Company has signed a non-binding memorandum of understanding (MoU) with Al Fozan Holding Group to fully acquire Arnon Plastic Industries Co in consideration of SAR 205 million, according to a bourse statement released on Wednesday.

The Saudi Arabia-based Arnon Plastic Industries is a wholly-owned unit of Al Fozan.

The MoU lasts for three months as of the date of signature and will see both companies working on the required financial and legal due diligence, Bawan said.

The acquisition transaction is pending approval of Bawan’s extraordinary general meeting (EGM) and the competent government authorities.