Riyadh – Mubasher: Saudia Dairy and Foodstuff Company (SADAFCO) has signed a non-binding Memorandum of Understanding (MoU) to purchase a controlling stake in Horizon Food Factory Co. from Tabuk Agricultural Development Company.

The deal is subject to the completion of legal, financial, and commercial due diligence, according to a bourse disclosure on Monday.

Moreover, the transaction’s financial value will be determined and announced following the completion of the due diligence process.

The MoU is extended over three months, the statement concluded.