Raydan shuts down branch in Jeddah

Raydan Food Co. shut down its branch in Al Waziriyah District in Jeddah, the company said in a bourse filing.

This is in-line with the decision of King Abdulaziz Endowment for Al-Ain Al-Azizia with regards to shutting down shops and vacating the area.

Al Waziriyah branch accounted for 4.97% of the company’s gross sales, the statement added.

Raydan said it will take measures to eliminate the relevant financial impact appearing on financial statements for the fiscal year 2020.