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Almunajem Foods acquires 23% additional stake in Balady Poultry

Almunajem Foods acquires 23% additional stake in Balady Poultry
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ALMUNAJEM
4162
-2.23% 105.20 -2.40
BALADY
9559
-0.88% 135.80 -1.20
Default Company
7204.B
0.00% 0.00 0.00

Riyadh – Mubasher: Almunajem Foods Company has signed a binding share purchase agreement with existing shareholders in Balady Poultry Company.

Under the agreement, Almunajem Foods will buy around 1.51 million shares, representing 23% of Balady's shares, for SAR 181.33 million, according to a bourse filing.

The purchase price of the stock amounted to SAR 120 per share. The deal will bring Almunajem’s total stake in Balady to 40%.

Almunajem Foods recorded net profits after Zakat and tax of SAR 282.20 million in 2023, marking a 2.75% decrease from SAR 290.20 million in 2022.

In February 2024, Balady Poultry entered into a $7 million contract with Famsun Company to set up a feed production plant.