Burgerizzr inks agreement to acquire 60% of SHOVEL

The acquisition of SHOVEL aligns with Burgerizzr’s plan to enter the café sector

=Shatirah House Restaurant Co. (Burgerizzr) signed an agreement to acquire a 60% stake in Coffee Bean Trading Co. (SHOVEL), according to a Tadawul statement.

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Coffee Bean Trading owns the “SHOVEL” brand, specializing in the café sector. It operates seven branches and seeks to grow and build a strong brand in the industry.

Burgerizzr said that this strategic acquisition aligns with its growth plan to enter the café sector, as well as expand and build brands in the food sector.

The company believes that this acquisition will contribute to enhancing the investment value for its shareholders.

Financed through Burgerizzr’s own resources, the deal will be subject to fulfilling all contractual conditions and obtaining the necessary regulatory approvals in the Kingdom.

Any significant developments will be announced in due course. There are no related parties involved in this transaction, the statement added.