Abdullah Al-Othaim Markets Sells all Shares in Abdullah Al-Othaim Investment for SR846.5 mln

Abdullah Al-Othaim Markets Company announced on Wednesday its Board of Directors’ resolution on 07/07/2022 to accept the offer submitted by Al-Othaim Holding Company for buying all the Company’s shares in the Investment Company capital against SR (62) per share, with the sum of SR (846,538,700), without any preferential conditions.

The company said in a statement to the Saudi market “Tadawul” on Wednesday that based on the offer submitted by Al-Othaim Holding Company on 06/07/2022 to Abdullah Al-Othaim Markets Company, to purchase all of the company’s shares in the capital of Abdullah Al-Othaim Investment Company “Investment Company”. In the amount of (13,653,850) shares representing (13.65%) of the investment company’s capital, the Board of Directors agreed on 07/07/2022 to accept the offer submitted by Al-Othaim Holding Company to purchase the company’s entire share in the investment company’s capital, in return for (SR 62) per share, with a value of A total of (SR 846,538,700), without any preferential conditions.

It added that the transaction details are represented in selling all the shares of the Company in the capital of the Investment Company to Al-Othaim Holding Company with transaction value SR846,538,700.

It also added that the completion of the deal is subject to the approval of the Company’s shareholders. The selling price should be paid within a period not exceeding (90) days from the date of obtaining the approval of the General Assembly to the deal.

It explained that the book value of the asset subject to the deal according to the latest reviewed interim financial statements for the first quarter 2022 was SR 237,989,185

The revenues of the asset subject to the deal for the last three years:

Year 2021: SR (29,485,588)

Year 2020: SR (13,298,321)

Year 2019: SR (22,453,230)

Transaction reasons are represented in focusing on the company’s main business and the other activities that is integrated with the main business.

The Related Parties are the Chairman of the board Mr. Abdullah Saleh Al-Othaim and the Board Member Mr. Abdulaziz Abdullah Al-Othaim

It is worth mentioning that the Company started its investment in the Investment Company in the year 2005 with an amount of SR 85 million. The total dividends received by the Company from this investment up to date equal to SR 163 million.