RIYADH: National Agricultural Development Co. which signed a non-binding memorandum of understanding with Leha Agriculture to produce potato seeds in Saudi Arabia saw its share prices increase during the early trading hours.
NADEC’s share rose 1.96 percent to open Monday at SR26.05 ($7) as of 10:09 a.m. Saudi time.
The MoU, which will take effect on Oct. 1 and expire on April 30, 2023, outlines a general framework for joint cooperation between the two companies, including a desire to study joint investment in potato seed production, Nadec said in a bourse filing.
Both parties agree to combine their investment efforts and serve their mutual interests.
The parties further agreed to appoint independent financial, legal, and technical advisors if they so desire or if the official authorities so request.
The full financial value will be determined and announced after legal, financial, and commercial due diligence.
Leha Agriculture provides storage and cooling solutions for agricultural products in Saudi Arabia and specializes in cultivating and marketing potatoes and potato seeds.