Tabuk Agricultural Development Co. (TADCO) has extended on Sunday a memorandum of understanding (MoU) to buy ASTRA Food Co.’s agriculture business for three months until March 31, 2017.

 

TADCO said it needs more time to complete the required due diligence, adding that any related updates will be announced in due course.

 

In May, the Tadawul-listed firm had signed a MoU with Saudi-based ASTRA Food Co. to acquire its agricultural division, ASTRA Farms, and the related transport services under a share swap deal, Argaam earlier reported.

 

The total number of new shares and the deal’s value were not disclosed.

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