| Element List | Explanation |
|---|---|
| Introduction | Reference to the announcement of the National Agricultural Development Company (NADEC) dated 12/03/1442H (corresponding to 07/13/2021G) regarding the latest developments regarding the recent developments relating to the final agreements regarding the acquisition of the Second Milling Company in Riyadh, Kingdom of Saudi Arabia (the “Flour Mill”) with OLAM International Limited, Al Rajhi International for Investment Company and Ajlan & Bros Company (with NADEC, the “Consortium Members”). |
The National Agricultural Development Company (NADEC) would like to announce the completion of the acquisition of Second Milling Company in Riyadh, Kingdom of Saudi Arabia (the “Flour Mill”) with Olam International Group, Al Rajhi International Investment Company Ajlan & Bros Company (“Consortium Members”) by transferring all assets of the Second Milling Company (the “Flour Mill”) to the Food Security Holding Company, a limited liability company (the “Company”).
It is worth to mention that the National Agricultural Development Company (NADEC) owns a 10% minority stake with liability in an agreement governing NADEC's purchase of specific products from the Second Milling Company and an agreement through which NADEC provides management, marketing and support services to the Second Milling Company.
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.