Anaam eyes new acquisitions in AI, food supply, medical services sectors: CEO

Logo of Anaam International Holding Group

Anaam International Holding Group considers new acquisitions in the artificial intelligence (AI), food supply and medical services sectors, CEO Hassan Yamani told CNBC Arabia TV.
 

He added that the company studies acquisitions with some companies in these sectors and tries as much as possible to build a specific vision in order to announce it.
 

Anaam also focuses on the logistics services, Yamani said, noting that the firm is currently preparing to build a large refrigerator in Jeddah with a cost of about SAR 20 million. The project will be financed from the company's own resources.
 

The financial impact of purchasing an administrative building in Jeddah, which was recently completed, will reflect positively on the third or fourth-quarter financials, the top executive said.
 

Touching on the capital increase proceeds, Yamani said part of them will be used to finance new activities and acquisitions, and the other part to repay the loan related to the purchase of a building in Jeddah, in order to reduce the debt cost in light of high interest rates.
 

Anaam’s board of directors recommended, on Oct. 3, increasing capital by SAR 157.5 million via a rights issue, according to data available with Argaam.