Burgerizzr to acquire 60% stake in SHOVEL for SAR 10.3M

01/09/2025 Argaam
Logo ofShatirah House Restaurant Co. (Burgerizzr)

Logo of Shatirah House Restaurant Co. (Burgerizzr)

Shatirah House Restaurant Co.’s (Burgerizzr) acquisition of a 60% stake in Coffee Bean Trading Co. (SHOVEL), under the signed agreement, is valued at SAR 10.3 million, the company said in a statement to Tadawul.
 
 

It added that 25% of the deal value will be allocated to increasing SHOVEL’s capital.

 

The agreement includes standard terms, conditions, and warranties typically seen in such transactions, including the completion of due diligence, the statement said.

 

The deal remains subject to several conditions, such as obtaining necessary regulatory approvals and meeting other requirements outlined in the agreement. Along with meeting other conditions and approvals in accordance with the terms of the agreement.

 

The company stated that the acquisition supports its balanced growth strategy and diversification of revenue sources in the food and beverage segment. Once completed, Burgerizzr will hold a 60% stake in SHOVEL, with the transaction expected to create opportunities for operational integration and strengthen its market position.

 

Burgerizzr will announce any further material developments in due course.

 

The company recently signed an agreement to acquire a 60% stake in SHOVEL, according to data available with Argaam.

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