Cairo – Mubasher: Saudi Arabia’s Almarai Company announced that it would not acquire Egypt-based Green Land Group For Food Industries after the two parties have reached a deal on the transaction’s value, sources told Alborsa newspaper.
In November 2018, media reports said that Saudi Arabia-based integrated consumer food and beverage group started due diligence process to take over Green Land at a value of $75 million.
Alborsa newspaper further noted that Egyptian businessman Mohamed Halawa began negotiations to acquire Green Land.
Earlier this month, Almarai, the Gulf's largest dairy company, announced selling its 33% stake in United Farmers Holding Company (UFHC) to Saudi Agricultural and Livestock Investment Company (SALIC) at a value of SAR 105 million.
Almarai last reported a 4.20% profit decline in the third quarter of 2018, logging SAR 1.45 billion from SAR 1.51 billion in the corresponding period of 2017.
Net profits after calculating Zakat and taxes fell 4.8% to SAR 634.5 million by the end of Q3-18, compared to SAR 66 million during the corresponding period a year before.
During the first nine months of 2018, Almarai registered a profit of SAR 4.21 billion, down slightly by 0.90% from SAR 4.24 billion in the same period of last year.
