SAIC finalizes purchase of 567,210 shares of Balady Poultry for SAR 71.8M

13/03/2024 Argaam

SAIC finalizes purchase of 567,210 shares of Balady Poultry for SAR 71.8M

Logo of Saudi Advanced Industries Co. (SAIC)

Saudi Advanced Industries Co. (SAIC) and its subsidiary closed the acquisition of 567,210 shares of Nomu-listed Balady Poultry Trading Co. at an average price of SAR 126.66 per share, totaling SAR 71.85 million.

 

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The share purchase was made over separate batches from Sept. 21, 2023, until today, March 13, said the company. The deal, the financial impact of which started showing as of Q3 2023, was self-financed, it noted.

 

The move is considered part of SAIC’s strategy to expand its investments and target the most vibrant and investment attractive sectors. It also aligns with the Saudi Vision 2030, the company added.

 

On March 6, Almunajem Foods Co. signed a binding share purchase agreement (SPA) with Balady Poultry to acquire 17% (1.12 million) of the latter's shares, according to Argaam's data.

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