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Mayar Holding Co. Announces Purchase Poultry project to produce broiler chickens. in the value of 10,800,000 Saudi Riyals (ten million eight hundred thousand Saudi Riyals)
| Element List | Explanation |
|---|---|
| Transaction Details | Based on Mayar Holding Company’s strategic plan to expand its operational activities, diversify its sectoral operations, and enhance its operating revenues, one of its subsidiary companies, “Jedaya Agricultural Company” has signed a contract to purchase a poultry project for the production of broiler chickens. The company intends to enter into the poultry farming sector to produce broiler chickens and expand it gradually for the purposes of diversifying the company’s activities and benefiting from complementarity with the company’s current sectors. The project consists of owned land, breeding barns, operating equipment, and poultry farming supplies, in addition to an “operational” agricultural project license from the Ministry of Environment, Water & Agriculture. The project is located in Shaqra Governorate, Riyadh region, on a land area of 93,100 square meters. The contract results in Jedaya Agricultural Company owning the entire project and 100% of all its assets. |
| Transaction Value | 10,800,000 Saudi Riyals (ten million eight hundred thousand Saudi Riyals) |
| Transaction Terms | The amount of 700,000 Saudi Riyals (seven hundred thousand Saudi Riyals) will be paid when signing the contract and receiving the site, and the rest of the amount (10,100,000) is ten million and one hundred thousand Saudi riyals upon the completion of the procedures for transferring ownership of the project assets, renewing and amending the agricultural license, and all relevant regulatory procedures. |
| Parties of the Transaction | First Party: Mohammed bin Abdulrahman bin Mohamed bin Saleh Second Party: Jedaya Agricultural Company. |
| Transaction Funding Method | The total value of the contract will be self-financed by Jedaya Agricultural Company without any external funding. |
| Transaction Execution Date | 2024-01-25 Corresponding to 1445-07-13 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | The main activity is poultry farming for the production of broiler chickens. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not applicable |
| Transaction reasons | Achieving strategic goals by expanding the activation of the Jedaya Agricultural Company, a subsidiary of Mayar Holding Company, which focuses on expanding the company’s business base through business opportunities within the food production sector. |
| Expected Impact of the Transaction on the Company and Its Operations | The financial impact is expected to appear by the second quarter of 2024. |
| Related Parties | There are no related parties in this transaction. |
| Additional Information | Mayar Holding Co. will announce any significant developments on time. |
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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