Logo of Tanmiah Food Co.
Tanmiah Food Co. announced that it completed the sale of a 15% stake in Agricultural Development Co. (ADC) and 60% in Supreme Foods Processing Co. (SFPC) to Tyson International Holding Co. for SAR 284.4 million ($75.4 million), according to a statement to Tadawul.
The company added that the deal was completed, while taking into account any customary purchase price adjustments made in light of the completion accounts under the sale and purchase agreement.
Following the completion of the transaction, shareholders signed a shareholders' agreements in relation to the ownership, management and operations of SFPC and ADC.
The deal will be reflected in Tanmiah's consolidated financials from Q4 2022, the statement added.
On July 5, Tanmiah signed an agreement with US-based Tyson International Holding Co. to sell an equity stake in its wholly-owned subsidiaries, ADC and SFPC, for $70 million (SAR 262.6 million), according to data available with Argaam.
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