Raydan to vote on partial acquisition of Aljonah on Oct. 29

Nomu-listed Raydan Cuisines and Restaurants Co. announced that the extraordinary general assembly (EGM), set to be held on Oct. 29, 2019, will vote on the partial acquisition of Aljonah For Desserts & Catering.

The acquisition will be done through transferring six branches of Raydan’s subsidiary, Al-Rawsha International Sweets, to acquire 30 percent of Aljonah For Desserts & Catering, the company said in a bourse statement.

It will also approve the nomination of 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 Sept. 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.