Riyadh – Mubasher: Development Works Food Company has signed a six-month agreement to acquire 100% of Seafood Restaurants Company’s shares in exchange for the issuance of shares in the listed firm, according to a bourse disclosure on Wednesday.

Due diligence will still be needed to check the financial, legal, administrative, and operational conditions the seafood company, in addition to appointing a financial advisor.

Seafood Restaurants is a Saudi company specialised in serving fresh seafood, operating through 17 branches across the Kingdom.

It is worth noting that Development Works Food, which trades on Tadawul’s parallel market Nomu, withdrew its request to move to the main market last year.