Riyadh – Mubasher: Al Gassim Investment Holding Company (GACO) has extended a non-binding memorandum of understanding (MoU) for the acquisition of a stake in Advanced Bakeries Company, according to a bourse statement released on Wednesday.

The MoU will be extended for a month under the same terms and conditions for the completion of procedures required for the closure of the deal, the statement added.

GACO said that the recent announcement would have no financial impact on the Tadawul-listed company. 

In June, Al Gassim Investment inked a non-binding MoU to acquire a 67.1% stake in Advanced Bakeries, representing 20% stake in Saudi Bakeries Company’s shares.