Abdulaziz and Mansour Ibrahim Al-Babtain Company (Al-Babtain Food) announced the signing of a non-binding Memorandum of Understanding with Integrated Business Company (Integrated) (L.L.C). Memorandum Signing Date is December 25, 2022. The desire of Al-Babtain Food Company to enter into negotiations in order to study the feasibility and determine the percentage of acquisition of the Integrated Business Company (Limited Liability Company) and the understanding to reach an agreement in addition to defining the framework of understanding about the initial mutual obligations and rights between the two parties regarding the acquisition process, to be Execution is in accordance with the proposals and understandings submitted and approved by the two parties, each according to its own measure.

The two parties also agreed that the percentage of acquisition and the value of the final deal will be determined after the completion of the due diligence work. This memorandum shall enter into force from the date of its signature and for a period of 90 renewable days unless one of the two parties notifies the other Not wanting to renew, only one month before its expiration date.