Abu Dhabi – Mubasher: ADNH Catering has entered into a sale and purchase agreement (SPA) with Al Rushaid Group to acquire an additional 20% stake in its Saudi joint venture (JV) from Compass Group.
Through its subsidiary, ADNH Catering LLC-OPC, the ADX-listed company is set to increase its shareholding from 30% to 50%. Al Rushaid Group will hold the remaining 50% ownership.
The Saudi JV will be rebranded following the completion of the transaction, which is expected to take place in the first quarter (Q1) of 2025, according to a press release.
Moreover, the joint entity’s financial position and results of operations will be consolidated in ADNH Catering’s statements.
Clive Cowley, CEO of ADNH Catering, commented: “Today marks an important milestone for our business, maintaining momentum in the execution of our strategy as set out at the time of our [initial public offering] IPO, which we successfully completed on 23 October 2024.”
“With the increase of our equity share in our Saudi Joint Venture, we are seeking to build out from our market-leading position in the UAE to expand ADNH Catering’s operations across various business segments and provinces in the Kingdom, including Riyadh,” Cowley highlighted.
