Almunajem Foods buys 17% of Balady Poultry for SAR 134M

06/03/2024 Argaam

Almunajem Foods buys 17% of Balady Poultry for SAR 134M

Logo of Almunajem Foods Co.

Almunajem Foods Co. signed a binding share purchase agreement (SPA) today, March 6, with Balady Poultry Trading Co. to acquire 17% of the latter's shares, according to a statement to Tadawul.

 

The company bought the shares from existing shareholders in Balady Poultry through negotiated deals at a purchase price of SAR 120 per share, with a total value of SAR 134.03 million. The transaction has been self-finance, the statement added.

 

For more news and details on M&As

 

Almunajem Foods signed, in October 2023, an MoU to acquire a 17% stake (1.12 million shares) in Balady Poultry, which is listed on the Nomu-Parallel Market, through negotiated deals. The MoU was previously slated to end on Feb. 28, 2024, but was renewed until April 30, 2024, according to Argaam's data.

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