Al Gassim Investment Holding Co. (SASE:6020) signed a non-binding memorandum of understanding to acquire 67.1% stake of Advanced Bakeries on June 23, 2019. Upon completion, Al Gassim Investment Holding Co., will directly hold Advanced Bakeries' 20% stake in Saudi Bakeries Company. Under the agreement, both parties will estimate the deal value after conducting the required financial and legal due diligence. The deal could be extended for 90 days upon mutual agreement. As of September 25, 2019, Al Gassim Investment Holding Co., has extended the non-binding memorandum of understanding for a month under the same terms and conditions for the completion of procedures required for the closure of the deal. Al Gassim Investment Holding Co. (SASE:6020) cancelled the acquisition of 67.1% stake of Advanced Bakeries on March 25, 2020.