Mayar board nods to taking part in food processing unit

Logo of Mayar Holding Co.

Mayar Holding Co.’s board approved today, July 20, taking part in the establishment of a Saudi limited liability subsidiary to practice the food processing activity, according to a Tadawul filing.

Mayar will own 97.5% of the new company through direct and indirect ownership, directly holding a 90% stake in it.

Ajda Trading Co., which is 75% owned by Mayar through its subsidiary Jedaya Agricultural Co., will own the remaining 10% stake in the new Riyadh-based company, the statement added.

The new firm is poised to kick off its operations as of the first quarter of 2024, after obtaining the necessary approvals and licenses from relevant authorities.

This move is in line with Mayar’s strategy to diversify its revenues and strengthen its market share in various sectors.

The related financial impact is seen to materialize in Mayar's 2024 financials, the company noted.