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.
