Ghida Alsultan acquires Simple Burger for SAR 23.8M

Logo of Ghida Alsultan for Fast Food Co.

Ghida Alsultan for Fast Food Co. signed on Feb. 9, an acquisition agreement to fully purchase Simple Burger Establishment for meal services, for a total value of SAR 23.8 million.

In a statement to Tadawul, the company said the transaction will be self-financed and payment will be done in three installments after meeting the agreed conditions.

The company added that the agreement is subject to approvals from the relevant regulatory authorities, as well as approval from the ordinary general meeting (OGM), due to an indirect interest of the Chairman, Arif Al Misbahi, and CEO, Majid Al Misbahi, arising from a family relationship with the owner of the target establishment.

Ghida Alsultan expects a positive financial impact is expected to materialize after completion of the deal, subject to obtaining final regulatory approvals, noting that the deal aims to contribute to achieving the investment strategy by expanding in the fast food sector and exploiting growth opportunities in related markets.

Simple Burger, operates in the food service sector with a focus on burger meals, was established in late 2022. The company began with a single branch, expanded to a second branch by the end of 2024, and is now in a phase of ongoing growth and expansion.

According to Argaam data, Ghida Alsultan announced in November the signing of a non-binding memorandum of understanding (MoU) to acquire 100% of Simple Burger Establishment.