NADEC shares increase after it signs an MoU with Leha Agriculture for potato seeds
The parties signed a non-binding agreement with Leha Agriculture to plant potato seeds in Saudi Arabia.
Its share prices rise during early trading hours.
NADEC's share rose 1.96% to open Monday at the SR26.05 ($7), as of 10:09 AM Saudi time.
The MoU will be in effect from Oct. 1 and will expire on April 30, 2023.
Nadec stated in a filing that the companies have agreed to a framework of cooperation,
Which includes the desire to explore joint investment in potato seed production.
Both sides agree to pool their investment efforts to serve their mutual interest.
After due diligence from legal, financial, and commercial professionals, the financial value of the company will be established and disclosed.
Leha Agriculture offers cooling and storage solutions for agricultural products in Saudi Arabia
He specializes in the cultivation and marketing of potatoes and potato seeds.