Maaden said in a statement to the Saudi market today, Thursday, that the property rights of Meridian Group amount to about 140 million dollars, equivalent to 525 million riyals.
She explained that the company the agreement signed by the subsidiary allows the latter to apply for the purchase of the remaining 15% of Meridian, during the next four years.
Meridian Group is a pioneer in the field of agricultural inputs and fertilizer distribution, with its headquarters and operational units in the Republic of Mauritius and Southeast Africa.
The group is owned by an investment fund managed by Fatisa, and a minority shareholder of the company's executives.
Maaden will be able, after meeting the regulatory requirements, to own an 85% stake in Meridian, which is expected to complete the transaction procedures during the third quarter of the fiscal year 2019. p>
This step comes within the framework of Ma'aden's plans to expand its business and sales outside the Kingdom within its strategy for the year 2025.
This acquisition will be funded through the operating cash flows of Ma'aden, and the financial impact of this acquisition is expected to be reflected in the third quarter of the current fiscal year.
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