Riyadh – Mubasher: The subsidiary of Halwani Bros Company in Egypt has inked a non-binding one-year renewable memorandum of understanding (MoU) with Aquat Food Industries Company, the sister company of ALBAIK Food System Company.
Under the agreement, both companies will study how to cooperate in the field of food manufacturing for the ALBAIK products and supply them to those who are licensed to operate ALBAIK's restaurants in Egypt, according to a press release on Tuesday.
The transaction is subject to Aquat's examination and evaluation, including technical and logistical assessment for the factories of Halwani Brothers in Egypt.
Aquat Food Industries is a Saudi closed joint-stock company that owns the knowledge and technical rights to manufacture the ALBAIK products for distribution to those licensed to operate ALBAIK restaurants.
The agreement has expected investments in the range of EGP 1 billion.
