Saudi Advanced Industries Company and its subsidiary announce the completion of share purchases in Baladi Poultry Company
- Date : 2024-03-13
| Element List | Explanation |
|---|---|
| Introduction | Saudi Advanced Industries Company and its subsidiary announce the completion of share purchases in Baladi Poultry Company. |
| Transaction Details | Saudi Advanced Industries Company and its subsidiary announce the completion of share purchases in Baladi Poultry Company, numbering (567,212) shares at an average purchase price of (126.66) Saudi riyals. The purchases were made in separate batches from 09/21/2023 AD until 03/13/2024 AD. |
| Transaction Value | (71.845.615) Saudi riyals |
| Transaction Terms | There are no conditions |
| Parties of the Transaction | – Saudi Advanced Industries Company and its subsidiary (buyers)
– Multiple shareholders (sellers) |
| Transaction Funding Method | Company’s own resources |
| Transaction Execution Date | 2024-03-13 Corresponding to 1445-09-03 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | The company works in the poultry sector by raising and feeding poultry and providing veterinary care by owning, operating and managing poultry farms. The company also works on importing and selling eggs, hatching chickens and chicks. The company works in establishing and operating feed factories designated for poultry, as well as marketing and distributing its products in stores. Or through the company’s authorized distributors.
It is worth noting that Baladi Poultry Company is considered one of the leading companies in supporting food security, which is one of the important pillars of the Kingdom’s Vision 2030. The company is also considered one of the leading companies in supporting the local product, which increases the continuity, stability and growth of the food sector in the Kingdom.
The company had also previously announced an expansion to increase its production capacity in its factory located in the city of Khamis Mushait, as well as the establishment of a hatchery factory in Wadi Al-Dawasir Reserve specializing in chicken hatching operations.
In terms of feed production, the company announced during February 2024 that it had signed a contract to establish a feed production factory worth $7 million, which the company aims to enhance self-sufficiency in poultry feed production, reduce costs, and maintain a level of quality and continuous supply. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | attached |
| Transaction reasons | This deal is considered part of SAIC’s strategy to expand its investments and target the most vibrant and investment attractive sectors and is in line with the directions and vision of the Kingdom of Saudi Arabia 2030. |
| Expected Impact of the Transaction on the Company and Its Operations | The financial impact of this transaction reflected from the 3rd quarter of 2023. |
| Related Parties | None |
| Attached Documents |  |