Almarai Company Announces that one of its subsidiaries has acquired an Additional Stake in Modern Food Industries (“MFI”)
|Announcement Detail||Almarai Company ("The Company") announces that one of its subsidiaries (Western Bakeries Company, Limited Liability Company) has completed the acquisition of an additional 15.0% stake owned by Olayan Financing Company in Modern Food Industry LLC (a subsidiary company), for a total value of SAR 150 million. After this acquisition, the ownership of the shares of Western Bakeries Company became 75.0% of the capital of the Modern Food Industry LLC. |
MFI is engaged in manufacturing and sale of long shelf-life Bakery products, under the brand name of “7DAYS”.
This transaction was fully financed from Almarai’s operating cash flows. The financial impact will be reflected in this Quarter financial results.
Note that there are no related parties in this acquisition.
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