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TADCO acquires a 50% stake in Afaq Food
On July 3, 2018, Tabuk Agricultural Development Co. (TADCO) acquired 50 percent of Afaq Food Co. Limited.
Deal Value | Method of Finance | Type | Status |
3.80 Million USD currencyResource Million_USD marketID 3 currencyId 3 | Internal Resources | Stake | Completed |
The Acquiring Party
Tabuk Agricultural Development Co. - TADCO | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Agriculture |
*Market Cap (Million SAR) | 742.66 |
*Price/Share (SAR) | 18.96 |
The Acquired Party
Horizon Food Co. - HORIZON FOOD | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Food and Beverages |
*Market Cap (Million SAR) | 400.00 |
*Price/Share (SAR) | 50.00 |
- *Based on the latest data available
Consultants
Deal Advisor | Deloitte |
Legal Advisor | Vinson & Elkins |
Important Dates
Announced Date | 07-01-2018 |
Expected date for Completion | 24-07-2018 |
Related Parties
Company | Role |
---|---|
Gulf Food Investment Co | Owner |
Main Details
TADCO acquired a 50 percent stake (1.55 million shares) of Afaq Food’s SAR 31.1 million capital. Afaq Food Co. was set up as a Limited Liability Company by Al-Khalijia Investment for Foods Co. and Ahmed Mohamed Hussein Al-Arfaj. The company was incorporated to manage Al Khalijia’s food business represented in Iskender Factory and Doneraty Restaurant. Under the deal, TADCO will complete the transaction on the same date of amending the company’s memorandum of association, indicating that TADCO has bought Ahmed Al-Arfaj’s stake in the company.
Note
* TADCO expected the acquisition to increment its revenue by 2 percent in 2018, 3 percent in 2019, 8 percent in 2020, 10 percent in 2021 and 13 percent in 2022.
* TADCO and Al-Khalijia intend to sign a financing agreement to invest SAR 28.4 million in Afaq.
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