SAIC, subsidiary buys $19.2mln stake in Baladi Poultry

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The purchases were made in separate batches from 21 September 2023 until 13 March 2024, according to a bourse filing

Staff Writer, Mubasher

March 14, 2024

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Saudi Advanced Industries Company (SAIC) and a subsidiary have purchased 567,212 shares in Baladi Poultry Company for an average share price of SAR 126.66, totalling SAR 71.84 million.

The purchases were made in separate batches from 21 September 2023 until 13 March 2024, according to a bourse filing.

This deal is part of SAIC’s strategy to expand its investments and seeks attractive investments in line with the Saudi Arabia 2030 vision.

The transaction’s financial impact started to reflect as of the third quarter (Q3) of 2023.

In August 2023, SAIC bought 3.84 million shares in the Canadian General Medical Center Complex Company for SAR 24.99 million.

SAIC recorded net profits of SAR 111.17 million in the first nine months (9M) of 2023, a 38.34% annual leap from SAR 80.36 million.

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