Almarai says acquisition of Hammoudeh Food Industries falls through

Almarai Co. said that its planned acquisition of Jordan-based Hammoudeh Food Industries Co. did not materialize due to factors beyond its control, as the seller was unable to meet certain conditions required to complete the transaction.

In a statement to Tadawul, Almarai reaffirmed its commitment to exploring future expansion opportunities, recognizing the strategic importance of strengthening its regional operations and geographic footprint to better serve consumers across various markets.

Almarai announced, on Oct. 7, 2024, that its subsidiary Teeba Investment for Developed Food Processing signed an agreement to acquire 100% of Hammoudeh Food Industries for SAR 263 million, subject to certain contractual conditions and obtaining regulatory approvals in Saudi Arabia and Jordan, according to data available with Argaam.