Raydan Cuisines to buy stake in catering business

02/09/2018 Argaam

 

The Nomu-listed Raydan Cuisines and Restaurants Co. has signed a final agreement to acquire a 30 percent stake in Saudi Aljonah For Desserts & Catering, the company said in a bourse filing.

 

The deal will be financed by SAR 33.25 million in cash (to be paid in three annual installments) and an in-kind stake (branches of Raydan’s alrawsha International), after finalizing valuation or detailed business of the target company.

 

The deal will be discussed and approved in the company’s coming general meeting and the relevant financial impact will appear on earnings of Q1 2019.

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