Riyadh – Mubasher: Tabuk Agricultural Development said its board has cancelled a memorandum of understanding (MoU) pertaining to the establishment of a joint venture for agricultural investments, according to a filing to the Saudi Stock Exchange (Tadawul).
During its meeting on Sunday, the company said it will close the file entirely and refocus its efforts on its current main activities.
Cancelling the MoU will not have a fundamental financial impact on the company, it added.
Tabuk revealed that some partners withdrew from the JV and that its shareholders could not attract additional partners to cover the remainder of the JV’s capital. In addition, the Arab Authority for Agricultural Investment and Development (AAAID), the main partner in the JV, decided not to pursue the project.
