Thimar inks non-binding MoU to acquire 50% of Madar Al Khair Trading

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. signed today, Aug. 18, a non-binding memorandum of understanding (MoU) with Madar Al Khair Trading Co., to acquire a stake no exceeding 50% in the latter, according to a statement to Tadawul.

The MoU, valid for one year, is automatically renewable, the statement noted.

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Under the MoU, Thimar will cooperate with Madar Al Khair to utilize the latter’s competitive edges in developing its business in a way that complements the aspirations of its partners and contributes to the company’s sustainability and growth. It is also aimed at keeping pace with the expected increasing demand during the coming years.

Cash required for the acquisition will be obtained from Thimar’s proceeds of the upcoming capital increase. This is besides seeking other financing or in-kind support using some of Thimaar’s current assets.

The company shall convert the MoU into a binding agreement in the event of completion of the transaction’s due diligence and fair value assessment given its results and outputs.

Madar Al Khair Trading has more than fifty years of experience in the field of trading live livestock locally and internationally. It is also a frontrunner in establishing, operating and managing sanitary quarries, land/sea livestock transport, besides establishing, operating and managing veterinary slaughterhouses as well as leather and meat products manufacturing.

It also indicated that this transaction aligns with its strategy and investment plan, while being in line with the Kingdom's Saudi Vision 2030 goals for food security. This is especially given Thimar’s focus on opportunities harnessing profitability, growth and continuity, paired with its keenness to diversify investments with high returns and low risks.

Thimar said it will timely announce any developments in this regard, pointing out that there are no related parties to the deal.