Almunajem buys 23% stake in Balady Poultry for SAR 181.3M

Logo of Balady Poultry Trading Co.

Almunajem Foods Co. completed the acquisition of 1.51 million shares in Balady Poultry Trading Co., representing 23% of the total shares, according to a Tadawul statement.

The shares were purchased through negotiated deals at a price of SAR 120 per share, totaling SAR 181.33 million.

For More Mergers and Acquisitions

Accordingly, Almunajem's stake in Balady Poultry increased to 40%.

In April, Balady Poultry and Almunajem signed a binding share purchase agreement (SPA), entailing the latter’s purchase of a 23% stake, or 1.51 million shares, from Balady Poultry’s major shareholders at SAR 120 each, totaling SAR 181.33 million, according to data available with Argaam.