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Almunajem Foods Co. announces signing a Memorandum of Understanding with Alwashim Poultry Company
| Element List | Explanation |
|---|---|
| Introduction | Almunajem Foods Company announces the signing of a Memorandum of Understanding (non-binding) to acquire 51% of the Alwashim Poultry Company. Alwashim Poultry Company, a closed joint stock company, was established in 1977 AD, and is engaged in the production, processing and distribution of poultry products in the Kingdom of Saudi Arabia, providing all stages from hatching eggs through reaching the final product, in addition to feed production. The acquisition is in line with Almunajem Foods' Company strategy and future plans to enhance the integration of its operations and increase local content. |
| Memorandum Signing Date | 2023-02-27 Corresponding to 1444-08-07 |
| Counterparty | Alwashim Poultry Company |
| Memorandum Subject | Initiating the process of fruitful negotiation and conducting financial and legal due diligence on the possibility of Almunajem Foods Company acquisition of 51% of the ownership of the Alwashim Poultry Company and identifying possible ways to achieve this. If proceeded, this proposed acquisition will be subject to obtaining the necessary regulatory approvals from the relevant authorities, including the General Authority for Competition. |
| Memorandum Duration | The MoU is valid until July 31, 2023, renewable with the consent of both parties. |
| Related Parties | There are no related parties |
| Financial Impact | The financial impact cannot be determined at this stage 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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