Saudi Chemical extends MoU with Hellman Worldwide for 180 days

Logo of Saudi Chemical Holding Co.

Saudi Chemical Holding Co. announced the signing of the term sheet in order to reach the final agreement with Hellman Worldwide Logistics, according to a bourse filing today, Sept. 30.

This aims to develop a framework and an implementation plan for the signed memorandum of understanding (MoU), which will be extended for an additional 180 days.

The signing will give the team sufficient time to finalize some procedures for the strategic collaboration, according to which it is expected to form a joint venture (JV) exclusively for healthcare logistic services in Saudi Arabia, with all the previous terms and conditions agreed upon.

The company will announce any future developments in this regard in due course.

According to data compiled by Argaam, Saudi Chemical, through its pharmaceutical subsidiaries, represented by Saudi International Trading Co. Ltd. (SITCO Pharma), AJA Pharmaceutical Industries Ltd. (AJA Pharma), and Chemical Commercial Investment Co. Ltd. (CCCI), signed, on March 22, an exclusive MoU with Hellmann Worldwide Logistics to form a JV for logistic services.

In June, the company extended the MoU for 90 days.