Almunajem, a Saudi Arabian food group, has acquired a 25% stake in the French poultry producer Groupe Doux, according to Saudi Gazette.
The deal completes the financial restructuring of Doux that filed for insolvency over two years ago.
Almunajen announced its plan to participate in the resurrection of Doux over a year ago and has now converted the outstanding debt into a participation in the share capital.
A 75% stake remains in the hands of the Breton businessman Didier Camels.
CEO Arnaud Marion of Doux said: “That an international group wants to enter into the capital of a Breton food company is a show of confidence. We are very proud of this.”
He added that his company is now profitable and without debts. “We are ready for the next steps in our plan.”
The deal completes the financial restructuring of Doux that filed for insolvency over two years ago.
Almunajen announced its plan to participate in the resurrection of Doux over a year ago and has now converted the outstanding debt into a participation in the share capital.
A 75% stake remains in the hands of the Breton businessman Didier Camels.
CEO Arnaud Marion of Doux said: “That an international group wants to enter into the capital of a Breton food company is a show of confidence. We are very proud of this.”
He added that his company is now profitable and without debts. “We are ready for the next steps in our plan.”
Source:
Mubasher
