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Almunajem Foods Announces a Binding Subscription Agreement in Relation to an Investment in Al Jouf Agricultural Development Company
| Element List | Explanation |
|---|---|
| Introduction | Almunajem Foods Announces a Binding Subscription Agreement in Relation to an Investment in Al Jouf Agricultural Development Company |
| Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website | 2026-02-02 Corresponding to 1447-08-14 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | Almunajem Foods Company (the “Company”) announces that, further to the Company’s announcement dated 2 February 2026 regarding its intention to become a strategic investor in Al Jouf Agricultural Development Company (“Al Jouf Agricultural”), the Company received, on 25/7/2026, a notification from Al Jouf Agricultural Development Company indicating its approval to enter into a binding subscription agreement with Almunajem Foods Company in connection with the potential implementation of a strategic investment. Following the presentation of this notification to Almunajem Foods Company’s Board of Directors, the Board approved entering into the binding subscription agreement on 26/7/2026. The agreement sets out the general framework for the investment through the subscription by Almunajem Foods for 4,500,000 new shares to be issued by Al Jouf Agricultural as part of a capital increase with the suspension of pre-emptive rights. This would enable Almunajem Foods to increase its ownership in Al Jouf Agricultural to up to 20.29% of Al Jouf Agricultural’s share capital following completion of the capital increase, including the 8.3% stake currently held by Almunajem Foods.
The agreement includes, among other provisions, a subscription price of SAR 52.5 per new share with a total subscription amount SAR 236,250,000, in addition to the reconstitution of the Board of Directors of Al Jouf Agricultural upon completion of the investment, in accordance with the applicable laws and regulations and subject to obtaining the requisite regulatory approvals.
It should be noted that the implementation of the agreement is subject to obtaining the approvals of the Capital Market Authority, Capital Market Exchange (Tadawul) and the Extraordinary General Meeting of the shareholders of Al Jouf Agricultural. |
| Financial Impact on the change | There is no immediate financial impact of this announcement on the Company’s financial results. The financial impact, if any, will be determined at a later stage upon completion of the required regulatory procedures and implementation of the transaction |
| Additional Information | Almunajem Foods will disclose any material developments in this regard in due course, in accordance with the applicable laws and regulations. |
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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