Development Works Food Co. — M&A Activity 2021

May 19, 2021

Development Works Food Co. Announces the Execution of Memorandum of Understanding with Seafood restaurant company Acquiring 100% of the company's shares

6013 · 19/05/2021 15:52:13 · Announcement #63444 · View on Saudi Exchange

Development Works Food Co. Announces the Execution of Memorandum of Understanding with Seafood restaurant company Acquiring 100% of the company's shares

Element List	Explanation
Introduction	Development Works Food Co announces that it has signed a memorandum of understanding with the Sea Restaurants Company to acquire 100% of the company's shares in exchange for the issuance of shares in the Food Development Business Company
Date of signing the Memorandum of Understanding	2021-05-19 Corresponding to 1442-10-07
Memorandum Duration	six months
Name of the Counterparty	Seafood restaurant company
Name of Financial Advisor of Each Party	NA
Major Terms in the Memorandum	NA
Related Parties	NA
Actions to be Taken by the Company during the Memorandum’s Duration	Carrying out due diligence checks on the financial, legal, administrative and operational conditions of a seafood restaurant company and appointing a financial advisor to carry out the evaluation work.
Approvals	The procedures for the proposed acquisition are subject to the approval of the extraordinary general assembly of the Food Development Business Company and the approval of the relevant regulatory authorities.
Additional Information	Seafood Restaurants Company is a Saudi limited liability company that has 17 branches in the Kingdom and specializes in serving fresh seafood. The signing of the Memorandum of Understanding comes in the desire of the Board of Directors of the Food Development Business Company to diversify its investments in the field of food and food while preserving the company's identity in specializing in healthy and fresh products and in support of its future plans to achieve targeted growth rates, and any substantial developments regarding the proposed deal will be announced at the time.

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