Almunajem completes 23% acquisition of Balady for SAR 181.3M

Logo of Almunajem Foods Co.

Almunajem Foods Co. completed the purchase of 1.51 million shares (a 23% stake) of Balady Poultry Trading Co. through negotiated deals at SAR 120 per share, valued at SAR 181.33 million.

Accordingly, Almunajem’s ownership in Balady Poultry rose to 40%, the company said in a statement to Tadawul today, Aug. 22, indicating that the acquisition was partly self-financed and partly funded by external sources.

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Balady Poultry and Almunajem Foods signed in April 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.