Mayar Holding Co. Subsidiary Inks Deal to Acquire Poultry Project for SAR 10.8 Million

Mayar Holding Co. announced on Sunday that one of its subsidiary companies, Jedaya Agricultural Company, has signed a contract to purchase a poultry project for the production of broiler chickens in the value of 10,800,000 Saudi Riyals (ten million eight hundred thousand Saudi Riyals).

Mayar explained on Tadawul that Jedaya intends to enter into the poultry farming sector to produce broiler chickens and expand it gradually for the purposes of diversifying the company’s activities and benefiting from complementarity with the company’s current sectors.

According to the Company, the project consists of owned land, breeding barns, operating equipment, and poultry farming supplies, in addition to an “operational” agricultural project license from the Ministry of Environment, Water & Agriculture. The amount of 700,000 Saudi Riyals (seven hundred thousand Saudi Riyals) will be paid when signing the contract and receiving the site. The rest of the amount (10,100,000) is ten million and one hundred thousand Saudi riyals upon the completion of the procedures for transferring ownership of the project assets, renewing and amending the agricultural license, and all relevant regulatory procedures.

The financial impact is expected to appear by the second quarter of 2024.a