Raydan approves partial acquisition of Aljonah

Raydan Cuisines and Restaurants Company’s shareholders have approved the partial acquisition of Aljonah For Desserts & Catering during the extraordinary general assembly meeting held on Tuesday (Oct.29), it said in a bourse filing on Wednesday.

The acquisition will be done through transferring six branches of Raydan’s subsidiary, Al-Rawsha International Sweets, to acquire 30 percent of Aljonah, the statement added.

Shareholders also approved the business accredited valuers by Saudi Authority of Credited Valuers, including Waleed Ahmed Mohammed Bamarouf, Mohammed Eid Alqahtani, and Bassam Mohammed Albaqaawi.

Aljonah is owned by two founding shareholders, namely Mashaal Awadh Allah Alsalimi and Nassar Awadh Allah Alsalimi.

In September 2018, the firm had signed a final agreement to acquire 30 percent stake in Saudi Aljonah For Desserts & Catering. The deal was financed by SAR 33.25 million in cash and an in-kind stake, after finalizing valuation or detailed business of the target company.