Saudi Dairy and Foodstuff Co.’s (SADAFCO) board of directors approved today, Dec. 25, the initiation of voluntary liquidation procedures for three of its subsidiaries.
In a statement to Tadawul, the company said the subsidiaries include SADAFCO Kuwait Foodstuff Co. W.L.L., in which it owns a 49% stake with a capital of SAR 662,950; SADAFCO Jordan for Food Products W.L.L., which is wholly owned with a capital of SAR 1.33 million; and SADAFCO Bahrain W.L.L., which is wholly owned with a capital of SAR 500,000.
The company explained that the shift from a self-operated model to a distribution model aims to reduce operating costs and improve efficiency by focusing on core activities.
It added that SADAFCO products will continue to be available in these markets through the company’s authorized distributors.
SADAFCO noted that the financial impact of the liquidation, which is not expected to be material, will be reflected in the company’s consolidated financial statements after the completion of the liquidation procedures in the coming period.
Saudi Dairy and Foodstuff Co.’s (SADAFCO) board of directors approved today, Dec. 25, the initiation of voluntary liquidation procedures for three of its subsidiaries.
In a statement to Tadawul, the company said the subsidiaries include SADAFCO Kuwait Foodstuff Co. W.L.L., in which it owns a 49% stake with a capital of SAR 662,950; SADAFCO Jordan for Food Products W.L.L., which is wholly owned with a capital of SAR 1.33 million; and SADAFCO Bahrain W.L.L., which is wholly owned with a capital of SAR 500,000.
The company explained that the shift from a self-operated model to a distribution model aims to reduce operating costs and improve efficiency by focusing on core activities.
It added that SADAFCO products will continue to be available in these markets through the company’s authorized distributors.
SADAFCO noted that the financial impact of the liquidation, which is not expected to be material, will be reflected in the company’s consolidated financial statements after the completion of the liquidation procedures in the coming period.
