Riyadh – Mubasher: Almunajem Foods Company issued a follow-up disclosure regarding its binding subscription agreement to invest in Al Jouf Agricultural Development Company.
The transaction will be funded through a combination of the company’s own internal cash resources and Sharia-compliant Islamic banking facilities, according to a bourse filing.
While the company noted there is no immediate financial impact on its current results, the long-term financial effect will be determined following the completion of all regulatory procedures and the final execution of the deal.
Almunajem Foods stated that there are no related parties involved in the transaction, affirming that it will announce further material developments in accordance with applicable regulations.
Under the terms of the agreement, Almunajem Foods will subscribe to 4,500,000 new shares to be issued by Al Jouf Agricultural through a capital increase with the suspension of preemptive rights.
The transaction is valued at SAR 52.50 per share, representing a total investment of SAR 236.25 million.
