SADAFCO acquires 76% of Poland’s Mlekoma at SAR 120 mln

Saudia Dairy & Foodstuff Co. (SADAFCO) announced on Monday acquiring 76 percent stake into Poland’s Mlekoma and its subsidiaries Foodexo and Mlekoma Dairy at an enterprise value of SAR 120 million, according to a bourse filing.

The results of acquired company will be consolidated in SADAFCO quarterly results ending on September 30, 2018.

The Mlekoma group owns two manufacturing plants in Poland and is engaged in production and trade of dairy products. It sells their products both within Europe but also through distributors in Africa, the Middle East and Far East.

The Saudi-listed firm noted that there are no related parties in this transaction.

In October, SADAFCO announced signing a non-binding agreement with Poland’s Mlekoma and its subsidiaries Foodexo and Mlekoma Dairy to continue the due diligence process of acquiring a controlling stake.