The National Agricultural Development Company (NADEC) announces the signing of a memorandum of understanding with the Saudi Investment Recycling Company (SIRC)
|Introduction||The National Agricultural Development Company (NADEC) announces the signing of a memorandum of understanding with the Saudi Investment Recycling Company (SIRC), on Monday 07/08/1444 AH corresponding to January 30, 2023 AD, for the purpose of recycling biowaste to contribute to protecting the environment.|
|Memorandum Signing Date||2023-01-30 Corresponding to 1444-07-08|
|Counterparty||The Saudi Investment Recycling Company (SIRC), (a recycling company wholly owned by the Public Investment Fund).|
|Memorandum Subject||The memorandum of understanding establishes a general framework for the two parties' joint cooperation, as follows: |
1. Both parties' intention to study the recycling of biological waste in order to contribute to environmental protection.
2. the MOU aims to recycle approximately 400,000 tons of biological waste per annum and process it into organic fertilizer.
3. The two parties agreed to combine their efforts and social responsibility to the environment in a manner that is in line with their shared interests.
|Memorandum Duration||One year from the date of signing the memorandum of understanding.|
|Related Parties||NADEC would like to highlight the presence of a related party, Mr. Abdulaziz Saleh Al-Rebdi (Chairman of the Board of Directors), based on his membership in the Board of Directors of SIRC company.|
|Financial Impact||The financial impact will be announced later and any material developments will be announced in due time.|
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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