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Tanmiah Food Company announces the signing of the shareholders’ agreement between Desert Hills Veterinary Services Company Ltd and MHP SE
| Element List | Explanation |
|---|---|
| Introduction | In reference to the announcement made by Tanmiah Food Company ("Tanmiah" or the "Company", 2281 on the Saudi Exchange) on 16-02-2023G corresponding to 25-07-1444H relating to the signing of a memorandum of understanding with MHP SE (LSE: MHPC), the leading international food and agrotech group, the Company is now announcing the signing of the shareholder agreement between Tanmiah's wholly owned subsidiary, Desert Hills Veterinary Services Company Ltd and MHP SE, to establish a joint venture. Building on the foundation laid by the Memorandum of Understanding signed earlier this year, this partnership will see DHV and MHP SE join forces to invest more than SAR 200 million in farming operations with the capacity of more than 1 million parent stock expected to produce approximately 175 million hatching eggs annually, a state-of-the-art hatchery and a poultry feed mill. DHV will hold a 55% stake, while MHP will have a 45% stake in the joint venture. The establishment of the joint venture remains subject to necessary regulatory approvals including the clearance by the General Authority for Competition of Saudi Arabia, and other applicable jurisdictions and authorizations. |
| Previous Announcement | Tanmiah Food Company announces signing of a memorandum of understanding to enter into a partnership with international food and agrotech leader MHP Group to boost food security and food self-sufficiency in Saudi Arabia |
| Date of Previous Announcement on Tadawul's Website | 2023-02-16 Corresponding to 1444-07-25 |
| Percentage of fulfilled achievement | Not Applicable |
| Event's Expected Completion Date | Not Applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | It is planned that the total investment by the joint venture will be more than SAR 200 million in farming, hatching, and feed milling facilities in the Kingdom of Saudi Arabia. |
| Additional Information | The financial impact will be announced later and any material developments will be announced in due course. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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