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The National Agricultural Development Company (NADEC) is pleased to announce the signing head of terms with Elion Himmah Environmental Services Company to establish a joint venture Company specialized in developing projects related to the Saudi Green Initiative, including vegetation development and desertification control
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| Announcement Detail | The National Agricultural Development Company (NADEC) is pleased to announce to its esteemed shareholders the signing of head of terms with Elion Himmah Environmental Services Company (a limited liability company) specialized in the field of green development. The head of terms aim to establish a joint venture with specific ownership shares for each party from the capital of the company to be established. This joint venture will be responsible for developing projects related to the Saudi Green Initiative, including vegetation development and desertification control, contributing to sustainable development and environmental preservation in alignment with achieving one of the goals of the Saudi Vision 2030. The head of terms includes agreed principal terms that govern the establishment, management, and operation of the company and business activities between both parties, leading up to the signing of the partnership agreement and any other relevant agreements. NADEC will announce any significant developments regarding this matter in due course, and the financial impact will be determined at a later stage. It is worth noting that Elion Himmah Environmental Services Company - limited liability company- in which Elion Resources Desert Economics, a Chinese company holds the majority share of its capital, is committed to the concept of environmental green development as a leading company in the field of afforestation and reclamation of desert and arid lands. It holds a distinctive record of successful pioneering experiences in agriculture. 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.
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