In principle, Saudi Food Products Co has accepted in principle a merger offer from another domestic company, the Ajwa Group of Food Industries. In a statement released yesterday, Food Products revealed that the company’s board had approved the offer from Ajwa to form a regional food producing and marketing giant on Saturday.
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The new company is expected to have capital of around US$160m, according to local newspaper reports, and the Food Products board expects the deal “to boost the company’s competitive edge and to meet the requirements of the coming phase characterised by giant economic blocks.”
