Saudi-based Food Products Company announced it approval of a merger with the Ajwa Food Industries Company, a deal that has been in the making for the past six months, reported Al-Hayat. The stockholders of Ajwa will receive stocks in the Food Products Company based on a value determined by the General Assembly. The “Financial Consulting House” will begin evaluating both company’s shares based on their book value. The merger’s objective is to set up a giant food entity in the Arab World withan estimated capital of 1.2 billion Saudi Riyals ($320 million). — (menareport.com)
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