Abdulaziz Alsaghyir Holding to invest SAR 1 bln in food sector

Abdulaziz Alsaghyir Holding Company (AAHC) plans to pump SAR 1 billion of new investments in the food sector through acquisition deals in Saudi Arabia and the United Arab Emirates during the next five years, said Hisham Alsaghyir, chief executive and board member of the company.

Alsaghyir Holding— which specializes in the contracting, building materials and real-estate development sectors—said it plans to establish Abdulaziz Alsaghyir Foods Co.Ltd which will manufacture and distribute food products.

The new limited liability company will work to establish other specialized companies and follow acquisition strategies either through full procurement or majority shares acquisition, Alsaghyir added.

"We've entered into advanced negotiations with one of Saudi Arabia's meat manufacturing companies and we're about to finish the financial and technical inspections of this transaction," Alsaghyir said in a press statement. 

The two companies will sign an agreement after completing financial and technical considerations during the first quarter of 2015, he added​.