The National Agricultural Development Company (NADEC) announces signing The Memorandum of Understanding (MoU) with The Leha Agricultural Company (Limited Liability Company specialized in Production and marketing of potatoes)
|Introduction||The National Agricultural Development Company (NADEC) announces signing of a non-binding the Memorandum of Understanding (MoU) with The Leha Agricultural Company on Sunday 29/02/1444H corresponding to 25/09/2022D to produce potato seeds (Mini Tuber seeds) in the Kingdom of Saudi Arabia.|
|Memorandum Signing Date||2022-09-25 Corresponding to 1444-02-29|
|Counterparty||The Leha Agricultural Company (limited liability company specialized in the cultivation and marketing of potatoes, and potatoes seeds as well as provide storage and cooling solutions of agricultural products in the Kingdom of Saudi Arabia).|
|Memorandum Subject||The MoU defined a general framework for joint cooperation between the two parties, including: |
1) The desire of the two parties to study the joint investment in the field of potato seed production and to set the foundations and conditions that govern the relationship between the two parties regarding this investment.
2) The two parties agree to unify their investment efforts and participate between them to serve their common interests.
3) The two parties agreed to appoint independent financial, legal and technical advisors if they wish or the official authorities require of them.
|Memorandum Duration||This MoU is effective starting from 01/10/2022 AD and ending on 30/04/2023 AD|
|Related Parties||Neither the National Agricultural Development Company (NADEC) nor its major shareholders nor members of its board of directors have any ownership in The Leha Agricultural Limited Liability Company.|
|Financial Impact||The full financial value will be determined and announced after completing the legal, financial and commercial due diligence.|
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