RIYADH: National Agricultural Development Company (NADEC) and Al Safi Danone Company (ASD) have agreed to cancel the proposed scheme whereby NADEC agreed to acquire 100% of the shares of ASD.
[the_ad id=”31605″]The National Agricultural Development Company (NADEC) announced the latest developments in relation to its announcement dated 31 December 2018G regarding the Sale and Purchase Agreement entered into by NADEC to acquire 100% of the shares of Al Safi Danone Company (ASD) from Al Safi Holding Company and Danone Dairy Investments Indonesia Pte Ltd.
In light of changes to market dynamics since the execution of the Agreement, and after careful consideration, the board of NADEC and the ASD Shareholders have concluded that the Transaction as previously contemplated is no longer in their best interests and, accordingly, have agreed to mutual termination in accordance with the terms and conditions of the Agreement.
The parties have accordingly served notices of termination onto each other, on this day 21 June 2019, in accordance with the terms of the Agreement, effective immediately.
This announcement marks the end of an extensive exercise and the board of NADEC is confident that its current strategic position in the market will enable it to continue to drive growth opportunities in favor of its shareholders, employees and customers, and is pleased to now focus on the execution of its standalone corporate strategy.
The board of NADEC would like to thank ASD, its shareholders and all parties concerned for their efforts in connection with this Transaction.