BALADY POULTRY TRADING CO

Al-Munajim Food Company announces that it has signed a (non-binding) memorandum of understanding with Balady Poultry Company to purchase 17% of the shares of Balady Poultry Company listed on the parallel capital market  “Nomu” under the food production sector with the code 9559.

This memorandum aims to initiate the fruitful negotiation process for Al-Munajim Foods Company to purchase 17% of Balady Poultry Trading Company and to conduct due diligence, which will be carried out by Al-Munajim Foods Company.

The purchase process is considered compatible with Al-Munajim Food Company’s strategy and future plans to enhance the integration of its operational operations and increase local content.

It should be noted that the duration of this agreement is 4 months, renewable with the approval of both parties. It has been agreed between the two parties that a legal, financial and technical due diligence examination will be conducted during this period.