Jazan Development and Investment, d/b/a Jazadco, said on Tuesday that its investee, Al Reef Sugar Refinery Co., and Ethraa Holding have terminated their memorandum of understanding.
The agreement, which involved the sale of all shares of Al Reef Sugar Refinery to Ethraa Holding, was ended due to the parties’ inability to meet the transaction’s conditions, reported Reuters.
The Saudi Arabian agriculture company emphasized that the cancellation will not create any financial or legal obligations for either side.
