Mayar Holding’s subsidiary acquires poultry project for SAR 10.8M

Logo of Mayar Holding Co.

Mayar Holding Co.’s subsidiary, Jedaya Agricultural Co., signed a contract on Jan. 25 with Mohammed bin Abdulrahman bin Mohamed bin Saleh to purchase a poultry project for the production of broiler chickens, for SAR 10.8 million.

The project is in line with the company’s strategic plan to expand operational activities, diversify sectoral operations, and enhance operating revenues, according to a statement to Tadawul.

The company intends to enter the poultry farming sector to produce broiler chickens and gradually expand it to diversify its activities and benefit from complementary current segments.

Located in Shaqra Governorate, Riyadh, the project spans an area of 93,100 square meters and consists of owned land, breeding barns, operating equipment, and poultry farming supplies, in addition to an operational agricultural project license from the Ministry of Environment, Water & Agriculture.

Under the contract, Jedaya Agricultural owns 100% of the project assets, with SAR 700,000 paid when signing the contract and receiving the site.

The remaining SAR 10.1 million will be paid on ownership transfer of the project assets, along with renewing and amending the agricultural license and all relevant regulatory procedures.

The contract will be financed by Jedaya Agricultural, without any external funding, the statement added, expecting the financial impact to materialize in Q2 2024.

The transaction aims at achieving strategic goals by expanding the business base of Jedaya Agricultural, through benefiting from the opportunities in the food production sector.

No related parties are included in the deal, the company noted, adding that any updates will be disclosed.