Riyadh –  Alujain Corp signed a non-binding memorandum of understanding (MoU) to acquire the non-listed National Fertilizers Company (Mobi).

The Kingdom-based company did not disclose further details regarding the transaction, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The deal aims at doubling Alujain’s share in the local detergents market, in addition to raising its operating efficiency through merging subsidiary Zain Industries into Mobi.

The move comes along with the company’s strategy to diversify its investments and reach the target growth rates.

The six-month deal is renewable upon request, the statement.

Alujain has appointed Swicorp as a financial advisor for the transaction.

Source: Mubasher

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