Logo ofAlmunajem Foods Co.
Almunajem Foods Co. received on July 25, notification that Al-Jouf Agricultural Development Co. approved signing a binding subscription agreement for a proposed strategic investment while Almunajem’s board approved signing the agreement today. 
The company said the agreement covers Almunajem’s subscription to 4.5 million new shares to be issued by Al-Jouf Agricultural through a capital increase with suspended preemptive rights.
The deal would raise Almunajem’s stake in Al-Jouf Agricultural to 20.29% after the capital increase, including its existing 8.3% holding.
The agreement sets a subscription price of SAR 52.5 per share, for a total of SAR 236.5 million, and provides for the reconstitution of Al-Jouf Agricultural’s board upon completion, subject to regulatory requirements.
Completion of the agreement remains subject to approvals from the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), and Al-Jouf Agricultural’s extraordinary general meeting (EGM).
Logo ofAlmunajem Foods Co.
Almunajem Foods Co. received on July 25, notification that Al-Jouf Agricultural Development Co. approved signing a binding subscription agreement for a proposed strategic investment while Almunajem’s board approved signing the agreement today.
The company said the agreement covers Almunajem’s subscription to 4.5 million new shares to be issued by Al-Jouf Agricultural through a capital increase with suspended preemptive rights.
The deal would raise Almunajem’s stake in Al-Jouf Agricultural to 20.29% after the capital increase, including its existing 8.3% holding.
The agreement sets a subscription price of SAR 52.5 per share, for a total of SAR 236.5 million, and provides for the reconstitution of Al-Jouf Agricultural’s board upon completion, subject to regulatory requirements.
Completion of the agreement remains subject to approvals from the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), and Al-Jouf Agricultural’s extraordinary general meeting (EGM).
