‎Al-Jouf Agricultural board OKs signing subscription agreement with Almunajem

In a statement to Tadawul, the company said the Chairman, or any person authorized by him, will be empowered to sign the subscription agreement.

Advertisement

Following the signing of the agreement, the company will submit the required applications to the Capital Market Authority (CMA) and other relevant regulatory authorities to obtain the necessary approvals. Once these approvals are secured, an extraordinary general meeting (EGM) will be convened to vote on the agreement.

The company also announced the appointment of SADEED Financial Co. as its financial advisor. According to Argaam data, Al-Jouf Agricultural’s board approved in February entering into preliminary non-binding discussions to explore the possibility of Almunajem Foods becoming a strategic investor in the company through a subscription at SAR 52.50 per share.

This was subject to the company’s capital increase not exceeding 15% of its total share capital, as well as the execution of binding agreement(s), including the completion of due diligence. This was also in addition to obtaining approval from the EGM and all required regulatory approvals from the relevant authorities.

In a statement to Tadawul, the company said the Chairman, or any person authorized by him, will be empowered to sign the subscription agreement.

Following the signing of the agreement, the company will submit the required applications to the Capital Market Authority (CMA) and other relevant regulatory authorities to obtain the necessary approvals. Once these approvals are secured, an extraordinary general meeting (EGM) will be convened to vote on the agreement.

The company also announced the appointment of SADEED Financial Co. as its financial advisor. According to Argaam data, Al-Jouf Agricultural’s board approved in February entering into preliminary non-binding discussions to explore the possibility of Almunajem Foods becoming a strategic investor in the company through a subscription at SAR 52.50 per share.

This was subject to the company’s capital increase not exceeding 15% of its total share capital, as well as the execution of binding agreement(s), including the completion of due diligence. This was also in addition to obtaining approval from the EGM and all required regulatory approvals from the relevant authorities.