Riyadh – Mubasher: Taqat Mineral Trading Company has signed a memorandum of understanding (MoU) to acquire 100% of Company Statement Transport Trading Metals.
The MoU is valid for four months with the signing date on 1 May 2024, while the financial advisor for the deal is not determined yet, according to a bourse filing.
Taqat noted that the targeted firm is a limited liability Company registered with the Ministry of Commerce and is based in Al Kharj City.
The MoU should cover negotiations and conducting due diligence financial and legal examinations for the potential takeover of the company which focuses on sorting waste and the field of scrap.
Once they reach a decision, the two parties must implement a final acquisition agreement binding on both parties before 1 September 2024.
Listed under the symbol 9599 on the Saudi Exchange (Tadawul), Taqat Mineral Trading commenced its trading activity in March 2024, after it had received the Capital Market Authority’s (CMA) approval in December 2023.
