Almunajem Foods Co. announces the signing of a share purchase agreement with existing shareholders in Balady Poultry Trading Company

With reference to the announcement of Almunajem Foods Co. (the “Company”) on Tadawul’s website on 09/04/1445H (corresponding to 24/10/2023G) that the Company has signed a non-binding memorandum of understanding to acquire shares in Balady Poultry Trading Company (“Balady Company”) for the purpose of fruitful negotiating and conducting financial and legal due diligence on the possibility of the Company acquisition of 17% of Balady Company’s shares and identifying possible ways to achieve that, the Company announces the signing of a binding share purchase agreement on 25/08/1445H (corresponding to 06/03/2024G), in accordance with which the Company purchased 1,116,900 shares (representing 17% of Balady Company’s shares) from existing shareholders in Balady Company (the “Sale Shares”) through private transactions, at a purchase price of SAR 120 per share, with a total value of SAR 134,028,000 for the total Sale Shares (the “Share Purchase Agreement”) (the “Transaction”). The Transaction has been self-financed by the Company…Read more.