IssuerAnnouncementDetailsV2Portlet
Actions
The National Agricultural Development Company (NADEC) announces the signing of a Memorandum of Understanding with Del Monte Saudi Arabia Factory Company Ltd. (specialized in the field of growing and producing fresh and fresh-cut fruits and vegetables)
| Element List | Explanation |
|---|---|
| Introduction | The National Agricultural Development Company (NADEC) announces to its valued shareholders the signing of a memorandum of understanding with Del Monte Saudi Arabia Factory Company Ltd. (a limited liability company owned by the multinational company Fresh Del Monte -owns the majority of the company’s capital-, a company specializing in the field of growing, producing, and distributing of both fresh-cut and whole fruits and Abdulkader Al Muhaidib and Sons Company) on Thursday 25/04/1445 AH corresponding to 09/11/2023 AD for the purpose of a strategic joint venture, through an establishment of a joint company specializing in fresh products such as fruits, vegetables, fresh juices, potato processing, and their distribution in the Kingdom of Saudi Arabia. |
| Memorandum Signing Date | 2023-11-09 Corresponding to 1445-04-25 |
| Counterparty | Del Monte Saudi Arabia Factory Company Ltd |
| Memorandum Subject | The Memorandum of Understanding establishes a general framework for the purpose of establishing a joint company specializing in fresh products such as fruits, vegetables, fresh juices, potato farming, and their distribution in the Kingdom of Saudi Arabia, with specified ownership percentages for each party, where NADEC's ownership will be 37.5% of the new company's capital. The Memorandum of Understanding includes terms and conditions that regulate the process that govern this partnership to establish manufacturing facilities to supply fresh-cut products, french fries processing, freshly squeezed juice, canned fruits and vegetables, processed fruits and vegetables, frozen fruits and vegetables, and other vegetable products to diverse businesses in the Kingdom of Saudi Arabia. It's worth mentioning that Del Monte Saudi Arabia Limited is majority-owned by Fresh Del Monte, that is considered one of the world’s leading vertically integrated growers, producers, distributors, and marketers of fresh and fresh-cut fruits and vegetables. |
| Memorandum Duration | One year |
| Related Parties | N/A |
| Financial Impact | Substantial developments in this regard will be announced in due course, and the financial impact will be determined later. |
| Additional Information | In case of any inquiries, please contact with the department of Investor Relations on: Telephone No: 0112027830 Email: IR@nadec.com.sa |
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.
Share
Company Performance
Key Parameters
Last Price 21.58
Net Change -0.09 (-0.42%)
Value Traded (Sar) 16,983,836.7
Volume Traded 786,786
LoginPortletPopupv2
Actions
AddtoWatchlistv2
Actions