Saudi Arabia-listed Development Works Food Company, which runs restaurants and cafes in the kingdom, is set to acquire a seafood restaurant chain. 

The firm has signed a memorandum of understanding to take over 100 percent of Seafood Restaurants Company in exchange for the issuance of shares, a bourse filing to the Saudi Stock Exchange (Tadawul) said. 

The agreement is for a period of six months, within which due diligence checks will be carried out on the financial, legal, administrative and operational conditions of the seafood chain. 

“The procedures for the proposed acquisition are subject to the approval of the extraordinary general assembly [of the company] and the approval of the relevant regulatory authorities,” the filing said. 

Seafood Restaurants has 17 branches across the kingdom, specializing in fresh seafood. 

Development Works Food is looking to diversify its investments in the food industry. 

(Writing by Cleofe Maceda; editing by Seban Scaria)

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