The National Agricultural Development Co. (Nadec) on Sunday signed a final agreement to acquire 100 percent of Al Safi Danone Co. (ASD) from Al Safi Holding Co. and Danone Dairy Investments Indonesia (DDII) through a share swap deal.
Under the agreement, Al Safi Holding will sell 34.95 million shares of ADS, representing 83 percent of share capital, Nadec said in a bourse statement.
Meanwhile, DDII will sell 7.16 million shares, representing 17 percent of ASD.
In exchange, Nadec will issue 44.5 million new shares to be issued to Al Safi and 9.11 million shares to DDII through a capital hike.
The issued shares will represent 32.16 percent and 6.59 percent, respectively, of Nadec’s capital.
The issuance of the new shares through a capital increase will lead to a dilution of the ownership of Nadec’s shareholders at the time of the capital increase, the statement added.
Upon completion of the deal, the number of shares in Nadec will increase from 84.7 million to 138.3 million, representing an increase in share capital from SAR 847 million to SAR 1.38 billion.
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Acquisition Details |
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Nadec’s current capital |
SAR 847 mln |
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Nadec’s capital after acquisition |
SAR 1.38 bln |
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Current number of shares |
84.70 mln |
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Number of shares after acquisition |
138.29 mln |
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Increase value |
SAR 535.86 mln |
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Increase percent |
63.26% |
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New shares to be issued |
53.59 mln |
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Al Safi stake in NADEC after acquisition |
32.16% |
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DDII stake in NADEC after the acquisition |
6.59% |
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Current shareholders’ stake after the acquisition |
61.25% |
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