GAC OKs Almunajem’s acquisition of Balady Poultry

20/08/2024 Argaam
Logos ofBaladi poultry Trading Co. andAlmunajem Foods Co.

Logos of Baladi poultry Trading Co. and Almunajem Foods Co. 

Baladi Poultry Trading Co. announced that the General Authority for Competition (GAC) has no objections to the completion of the economic concentration process with Almunajem Foods Co.

 

For More Mergers and Acquisitions

 

The two companies said in two separate statements to Tadawul that they will announce any developments related to the completion of the transaction in accordance with the relevant regulations and instructions.

 

Almunajem added that it will acquire Balady Poultry’s share for a total amount of SAR 181.33 million.

 

Balady Poultry and Almunajem Foods signed in April a binding share purchase agreement (SPA), under which Almunajem buys a 23% stake, or 1.51 million shares, from Balady Poultry’s major shareholders at SAR 120 each, totaling SAR 181.33 million.

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