Riyadh – Mubasher: Mezzan Holding Company announced that it has entered into a shares purchase agreement (SPA) with a subsidiary of Al Faisaliah Group for the acquisition of 29% stake in Mezzan Foods Company, based in Saudi Arabia.

Mezzan Holding subsidiary will own 99% of Mazzen Food, and the subsidiary of Al Faisaliah Group will retain the remaining 1% stake, according to the company’s filing to Boursa Kuwait on Wednesday.

The Kuwait-based company noted that the transaction is expected to be concluded within two months of date.

The agreement’s total value would be approximately KWD 1.2 million.