Almunajem Foods Company (SASE : 4162) signed a memorandum of understanding to acquire a 17% stake in Balady Poultry Company (SASE:9559) on October 24, 2023. Memorandum is valid until February 28, 2024. On March 6, 2024, Almunajem Foods Company (SASE : 4162) signed a binding stock purchase agreement to acquire a 17% stake in Balady Poultry Company.

Al-minajem food purchased 1,116,900 shares, representing 17% of the company's shares by the selling shareholders through several special deals based on the purchase price of a capacity of SAR 120 per share for a total amount of SAR 134.028 million. As of February 25, 2024, Balady Poultry extend this memorandum with the same terms and conditions as before for an additional period ending on April 30, 2024.