JADCO to explore strategic investment by Almunajem

10:14 AM (Mecca time) Argaam
JADCO’s board approved entering discussions to explore the possibility of Almunajem becoming a strategic investor through the acquisition of a minority stake

JADCO’s board approved entering discussions to explore the possibility of Almunajem becoming a strategic investor through the acquisition of a minority stake

Al-Jouf Agricultural Development Co. (JADCO) said its board approved entering preliminary, non-binding discussions to explore the possibility of Almunajem Foods Co. becoming a strategic investor through the acquisition of a minority stake.

 

The stake would be acquired via a capital increase, with the suspension of pre-emptive rights for existing shareholders.

 

Almunajem’s subscription price was set at SAR 52.5 per share, provided the capital increase does not exceed 15% of total share capital. The process also requires signing binding agreements, completing due diligence, obtaining approval from the extraordinary general assembly, and securing all other necessary regulatory approvals.

 

JADCO said it received a letter of intent from Almunajem in January to hold initial, non-binding talks regarding the potential acquisition, according to Argaam data.

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