Almunajem Foods extends MoU to acquire 17% of Balady Poultry

28/02/2024 Argaam

Almunajem Foods extends MoU to acquire 17% of Balady Poultry

Logo of Almunajem Foods Co.

Almunajem Foods Co.  agreed with Balady Poultry Trading Co. to extend the memorandum of understanding (MoU) to acquire 17% of the latter's shares, for an additional period ending on April 30, 2024, according to a statement to Tadawul.

 

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The MoU was extended with the same terms and conditions, in order to complete due diligence work, it added.

 

Any material developments regarding this agreement will be announced in due course, Almunajem added.

 

The company signed, in October 2023, the MoU to acquire a 17% stake in Balady Poultry, which is listed on the Nomu-Parallel Market, through negotiated deals. The MoU was previously slated to end on Feb. 28, 2024, according to Argaam's data.

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