Almunajem executes Balady Poultry deal with 5 sellers

Logos o f Almunajem Foods Co. and Balady Poultry Trading Co.

Almunajem Foods Co. said that the deal to purchase 23% of Balady Poultry Trading Co.’s shares was concluded with five sellers, according to a Tadawul statement.

The sellers include Abdulrahman Saad Al Shahrani, Hessa Saif Al Shahrani, Turki Abdullah Al Shahrani, Muhammed Abdullah Al Aoashez, and Abdulrahman Ali Al Mohi.

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Therefore, Almunajem’s ownership increased from 17% to 40% of Balady Poultry’s shares.

The deal is compatible with Almunajem’s strategy and future plans to promote sustainable growth and enhance local content.

The company will provide the necessary support to Balady Poultry at the commercial, marketing, logistical and technical levels to improve the value of its products in the Saudi market.

According to data available with Argaam Almunajem completed the acquisition of 1.51 million shares in Balady Poultry, representing 23% of the total shares.

The shares were purchased through negotiated deals for SAR 120 per share, totaling SAR 181.33 million.

In April, Balady Poultry and Almunajem signed a binding share purchase agreement (SPA), entailing the latter’s purchase of a 23% stake, or 1.51 million shares, from Balady Poultry’s major shareholders at SAR 120 each, totaling SAR 181.33 million.