Almunajem Foods buys 23% of Balady Poultry for SAR 181.3M

Logo of Almunajem Foods Co.

Balady Poultry Trading Co. and Almunajem Foods Co. signed on April 29 a binding share purchase agreement (SPA), under which the latter buys a 23% stake, or 1.51 million shares, from the former's major shareholders, at SAR 120 each, totaling SAR 181.33 million.

In separate statements to Tadawul, the two companies said the transaction is subject to certain conditions, noting that the deal will be carried out after obtaining the necessary approvals from the relevant authorities, including the General Authority for Competition.

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Almunajem added that upon completion of the transaction, its ownership in Balady Poultry will reach 40%, noting that the deal will be partially self-financed by the company and the remaining portion from external sources.

Further material developments will be announced in due course as per the relevant regulations and instructions, according to the statements.

Almunajem intends to proceed normally with its business until the transaction is completed.

According to data available with Argaam, Almunajem signed a SPA with Balady Poultry to acquire 1.12 million shares, or 17% of the latter's capital.