Raydan Food signs franchise agreement with Hinawi Group affiliate

03/12/2020 Argaam

Raydan Food Co. signed on Dec. 3, an agreement to grant franchise rights to Tourism Dreams Park & Marsa Co., an affiliate of Hinawi Group, at a fee of $30,000 in addition to a percentage of sales.

 

The agreement has a term of five years, the company said in a bourse statement, adding that the franchise will be in the city of Jazan.

 

Upon the conclusion of this agreement, Raydan Food chain will expand and spread further in the regions of the Kingdom, the company said, indicating that in the near future it will witness expansion in other regions inside and outside the Kingdom.

 

The contract will have a positive financial impact on the company’s Q3 2021 financials.

 

No related parties are related to the deal.

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