Almarai Company Announces that one of its subsidiaries has acquired an Additional Stake in Modern Food Industries (“MFI”)
| Element List | Explanation |
|---|---|
| Announcement Detail | Almarai Company ("The Company") announces that one of its subsidiaries (Western Bakeries Company, Limited Liability Company) has completed the acquisition of an additional 25.0% stake owned by Chipita Saudi Arabia (Cyprus) Limited in Modern Food Industry LLC (a subsidiary company), for a total value of SAR 250 million. After this acquisition, the ownership of the shares of Western Bakeries Company became 100.0% of the capital of the Modern Food Industry LLC. This acquisition will enhance the leadership of the Company in the food sector in the region, and will support Saudi Vision 2030, local content and food security.
MFI is engaged in manufacturing and sale of Bakery products, under the brand name of “7DAYS”.
This transaction was fully financed from Almarai’s operating cash flows. The financial impact will be reflected in this Quarter financial results.
Note that there are no related parties in this acquisition. |
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