NADEC seeks regulatory approval on economic concentration

17/04/2018 Argaam

 

National Agriculture Development Co. (NADEC) has filed a request on April 17 to the Saudi General Authority for Competition (GAC) to approve the economic concentration arising from the company’s acquisition of Al Safi Danone.

 

Both firms are operating in dairy and beverage production, including yoghurt, milk solids and juice, GAC said in a statement.

 

The authority called on the related parties to submit their opinions on completing the economic concentration process within 15 days, the statement added.

 

Last month, NADEC signed a final agreement to acquire 100 percent of Al Safi Danone Co. from Al Safi Holding Co. and Danone Dairy Investments Indonesia (DDII) through a share swap deal, Argaam reported.

 

Under the agreement, Al Safi Holding will sell 34.95 million shares of ADS, representing 83 percent of share capital, Nadec said in a bourse statement.

 

Meanwhile, DDII will sell 7.16 million shares, representing 17 percent of ASD.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.