Riyadh – Mubasher: Anaam International Holding Group has extended its non-binding memorandum of understanding (MoU) with Saudi Wasit Establishment for 30 working days as of 3 June 2021, according to a bourse filing on Thursday.

Extending the MoU aims to allow the completion of preparatory work necessary to implement the 51% acquisition of Wasit Factory and other final agreements.

Anaam International has first penned the non-binding deal in April. Both parties back then agreed that the transaction value would be paid in cash when reaching a final agreement for the potential acquisition.