Ashmore Saudi Food Fund has acquired a controlling stake in Taza Company Limited, the company said in a statement.
The sharia-compliant Fund was launched via a private placement, after approval from the Saudi market regulator, the Capital Market Authority (CMA), and will be managed by Ashmore Investment Saudi Arabia.
Ashmore has been active in the alternatives market in Saudi Arabia since 2008.
Taza is a leading operator of chicken-based, quick service restaurants in the Western Province of the Kingdom. It was established in 2011, under the leadership of its founder, Obaid Al-Zahrani. It currently operates 14 outlets across the cities of Taif, Makkah and Yanbu.