Almunajem Foods signs MoU to acquire 17% of Balady Poultry

Logo of Almunajem Foods Co.

Almunajem Foods Co.  signed a non-binding memorandum of understanding (MoU) to acquire 17% of the shares of Balady Poultry Trading Co., which is listed on the Nomu-Parallel Market, through private negotiated deals.

The MoU is valid until Feb. 28, 2024, and renewable with the consent of both parties, the company saidin a Tadawul statement.  

Almunajem Foods began a fruitful negotiation process and conducted financial and legal due diligence to assess the feasibility of the purchase and identify the relevant potential ways. 

The financial impact of the purchase cannot be determined at this stage, and any significant developments will be announced in due time.

There are no related parties to the MoU, the statement added.

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