TAQAT signs MoU to acquire Company Statement Transport Trading

Logo of TAQAT Mineral Trading Co.

TAQAT Mineral Trading Co. signed a non-binding memorandum of understanding (MoU) to acquire 100% of Company Statement Transport Trading, according to a filing to Tadawul.

The MoU duration is four months, during which the company will initiate fruitful negotiations, conduct the due diligence, and determine the possible ways and mechanisms to complete the acquisition.

For more news and details on M&As

Upon the success of negotiations, the two parties should implement a final binding acquisition agreement before Sept. 1, 2024.

If the parties wish to extend this period, the extension will be through an appendix to the memorandum, provided it is signed by both parties.

If the parties are unable to reach an agreement during the negotiation period, the MoU will expire, without entailing any financial or legal obligation on either party or towards each other, except for cases of fraud and serious error that may occur from either party towards the other.

Signing this MoU does not mean in any way a guarantee or obligation to complete the acquisition.

If the parties proceed with the deal, it will be subject to obtaining the necessary regulatory approvals.

There are no related parties to the deal, the statement said.