Halwani Bros subsidiary signs MoU to study manufacture, supply of ALBAIK products in Egypt

Logo of Halwani Brothers Co.

Halwani Brothers Co.’s subsidiary in Egypt signed today, June 21, a non-binding memorandum of understanding (MoU) with Aquat Food Industries Co., a sister company of ALBAIK Food Systems Co. Ltd.

In a statement to Tadawul, the company said the MoU was signed to study the possibility of cooperation in food manufacturing of ALBAIK products and supplying to ALBAIK licensees in Egypt.

This will follow after Aquat completes the examination and evaluation, including technical and logistical assessment, of the factories of Halwani Brothers Co.-Egypt.

The MoU term is one year, renewable, the statement noted, adding that the expected investments are in the range of EGP 1 billion (SAR 200 million).

Non-executive board member May AbuGhazalah is a related party. Any substantial developments will be announced in due course, the company said.