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Article: Hail Agriculture poised to be taken over by Almarai.(Hail Agricultural Development Co. and Almarai Company Ltd.)(Brief article)
- Article from:
- Saudi Economic Survey
- Article date:
- July 9, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Saudi-based dairy firm Almarai Co. has announced that it has reached an agreement to buy all shares in Hail Agricultural Development Co (Hadco), moving into the lucrative Saudi poultry business.
Almarai, which is the Gulf's largest dairy firm,said in a statement that its bid, accepted by Hadco's board,values Hadco shares at SR 30.1 each, which is 3.4 percent above recent close.
For each five Hadco shares,shareholders will get one new Almarai share and SR 2.5.
This means Almaraiwill issue 6 million new shares, which represents a 5.5 percent capital hike. "The deal values Hadco at about SR 949.5 million," Almarai said. Almarai initially offered SR ...