Kuwait - Mubasher: Mezzan Holding announced that negotiations are ongoing with the Saudi Faisaliah to acquire 70% of Al Safi Food, owned by the Saudi company, according to a bourse filing.
The deal is expected to be completed within 6 to 8 weeks , after getting the Saudi government’s approvals.
Mezzan pointed out that it will participate in this deal by around KWD 7-7.7 million, according to the statement.
The company will be entitled to produce and distribute food products inside Saudi Arabia and to use the brand of Al Safi Food.
Mezzan’s stock closed at KWD 1.1 in today’s session, after 119,200 shares were traded, with a liquidity of KWD 131,120.
