Subsidiary of HB Signs MoU with Aquat Food Industries to manufacture, supply ALBAIK Products

Halwani Brothers Company (HB) announced on Tuesday that its subsidiary company in the Arab Republic of Egypt (Halwani Brothers Company – Egypt) signed a (non-binding) memorandum of understanding with Aquat Food Industries Company, the sister company of ALBAIK Food System Company, and the owner of the knowledge and technical rights in the manufacture of the famous ALBAIK products, a well-known fast food chain.

It aims to studying the possibility of cooperation together in the field of food manufacturing for “ALBAIK” products and supplying it to those who are licensed to operate ALBAIK `restaurants in the Arab Republic of Egypt, after Aquat Company completes the examination and evaluation that includes technical and logistical assessment for the factories of Halwani Brothers Company – Egypt – and agrees to the necessary conditions for that.

This comes on the occasion of the visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defence to the Arab Republic of Egypt.

It also explained that the related party is Ms. May AbuGhazalah – Board Member (Non-Executive).

It concluded that the expected investments are in the range of one billion Egyptian pounds and the Company will announce any substantial developments in due course.