On June 29, 2026, Nofoth Food Products Company announced the signing of a non-binding memorandum of understanding on June 28, 2026, to study the potential acquisition of 70% of the shares of Al Waal Al Bari Beverages Company. The target company operates in the specialty coffee sector, owns the "Al Waal" brand, and has facilities for coffee roasting and production of sweets and baked goods. The 180-day memorandum establishes a framework for conducting legal, financial, tax and zakat due diligence and company valuation, with completion subject to due diligence results, regulatory approvals, and final binding agreements. This acquisition aligns with Nofoth's 2026-2030 strategic plan to expand and diversify its business portfolio in the food and beverage sector.

Original announcement:

Note: The original announcement does not explicitly specify a currency unit. Figures above are reproduced as-is. Please refer to the original announcement for details.

Important Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.