Tabuk Agricultural acquires 50% stake in Afaq Food

Tabuk Agricultural Development Co. (TADCO) has completed acquiring a 50 percent stake in Al-Khalijia Investment for Foods Co.’s food business unit (Afaq Food), the company said in a bourse statement on Thursday.

Earlier in July, Tabuk had signed an agreement to acquire 1.55 million shares of Al-Khalijia Investment for Foods Co.’s food business unit (Afaq Food) for SAR 14.25 million.

The deal was partially financed from the funds allocated for the olives project, which has been recently scrapped.