Almunajem Foods Company (SASE:4162) signed a non-binding memorandum of understanding to acquire 51% stake in Alwashim Poultry on February 27, 2023. The MoU will allow negotiations, along with financial and legal due diligence on the potential acquisition. The proposed acquisition will be subject to regulatory approvals from the relevant authorities, including the General Authority for Competition (GAC).

The MoU is valid until July 31, 2023, renewable with the consent of both parties.