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SABIC Agri-Nutrients Co. announces signing a Memorandum of Understanding with The Saudi Agricultural and Livestock Investment Company (SALIC)
| Element List | Explanation |
|---|---|
| Introduction | SABIC Agri-Nutrients Company (SABIC AN) and Saudi Agricultural and Livestock Investment Company (SALIC) have signed a Memorandum of Understanding to jointly explore global commercial and innovation opportunities to help ensure food security and address growing environmental challenges. |
| Memorandum Signing Date | 2022-07-27 Corresponding to 1443-12-28 |
| Counterparty | The Saudi Agricultural and Livestock Investment Company (SALIC) |
| Memorandum Subject | The MoU sets a general framework of cooperation that includes: - Studying the possibility of joint investment in the value chain. - Exploring the potential for international contract farming. - Studying opportunities in international distribution targeting key agricultural markets. - Evaluating the possibility of cooperation in logistics and supply chain costs optimization. - Developing and testing new fertilizer grades and applications; and utilizing best practices, new grades, digitalization, and carbon farm management. It also seeks to maximize and drive collaboration between the two companies, as SABIC Agri-Nutrients Company is constantly looking to improve efficiencies through realization of synergies with leading companies and maintaining a competitive edge in global markets. Toward this direction, our MoU with SALIC will jointly identify, prioritize and execute opportunities in the area of fertilizers, where our expertise is helping farmers produce higher yields and is playing a vital role in providing secure, reliable food sources. SALIC is a Saudi joint-stock company owned by the Public Investment Fund. Its investment activities, inside and outside Saudi Arabia, is centered on achieving a food security strategy by establishing subsidiary companies or through national, regional, and international partnerships. |
| Memorandum Duration | Starting from the date of signing the MoU until 29 February 2024. |
| Related Parties | NA |
| Financial Impact | There is no financial impact currently, and any material development will be announced in due course. |
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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