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The Saudi Arabia-listed Alamar Foods Company has secured an 86 million riyals ($22.7 million) sharia-compliant credit facilities agreement with Saudi Awwal Bank (SAB) to acquire the Five Guys franchisee in the kingdom.
The loan agreement has a seven-year tenor, with Alamar Foods offering a promissory note as a guarantee for the financing.
The company said the acquisition is part of its strategic expansion and portfolio diversification.
On January 1, Alamar entered into a sale purchase agreement to acquire 100% of the shares in Al Shaghaf Arabia LLC (Cravia Arabia Company), a Saudi company which holds the exclusive franchise rights for the Five Guys burger brand in the kingdom and operates 13 restaurants.
(Writing by Bindu Rai, editing by Daniel Luiz)
