TADCO signs deal to acquire 50% of Al-Khalijia's food unit

Tabuk Agricultural Development Co. (TADCO) has signed an agreement to acquire 50 percent (1.55 million shares) of Al-Khalijia Investment for Foods Co.’s food business unit (Afaq Food) for SAR 14.25 million.

Under the agreement, Al Khalijia will transfer its food business represented in Iskender Factory and Doneraty Restaurant to the acquiring entity, TADCO said in a stock market filing today.

TADCO expected the acquisition to increment its revenue by two percent in 2018 and by up to 13 percent in 2022.

No related parties are involved in the transaction.