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Almunajem Foods Co. announce that latest developments to establish a subsidiary limited liability company
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement of Almunajem Foods Company (the “Company”) on Tadawul’s website on 25/12/1445H (corresponding to 01/07/2024G) regarding the board of directors’ approval to establish a limited liability company based in Riyadh, dedicated to providing integrated logistics services. |
| Previous Announcement | Almunajem Foods Company announces the Board of Directors approval to establish a limited liability subsidiary company. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-07-01 Corresponding to 1445-12-25 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Almunajem Foods is pleased to announce that the required regulatory approvals from the relevant authorities have been obtained under the name of (The Optimal Solution for Logistics Services) “Loadly “ bearing CR number 1009107581 and the commercial operations have commenced via its first location in Riyadh – Sulay district – with a storage capacity of 42,000 pallet position. We have an ambitious expansion plan for our logistics operations over the next two years, aiming to increase the capacity to over 200,000 pallets. This will be achieved through immediate expansions in Jeddah and Riyadh region, and other strategic areas in the Kingdom. Our focus is on key industry sectors such as FMCG (Food & Beverages, and others) and the healthcare sector (Pharmaceuticals/Medical and other related products), aligning with our strategic vision for growth, diversifying revenue streams, and meeting the evolving market demand. We expect that the subsidiary will have a positive impact on Almunajem Foods Company’s operations. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | A total amount of approximately SAR 83.3 million will be allocated as capital expenditures (CAPEX) for Loadly’s expansion activities in 2025 and 2026. |
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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Last Price 64.1
Net Change -0.4 (-0.62%)
Value Traded (Sar) 3,277,079
Volume Traded 50,418
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