Nofoth inks deal with Maqsood Restaurants to acquire brand for SAR 3.7M

Nofoth Food Products Co. signed, on Nov. 25, the final agreement to acquire Maqsood Restaurants’ trademark from Maqsood Restaurants Establishment in Saudi Arabia for SAR 3.7 million, according to a Tadawul statement.

The deal includes the acquisition of Maqsood Restaurants’ trademark, in addition to the movable assets and properties of two branches in Riyadh.

There are no special conditions for this deal, the statement added, noting that the deal will be financed through the company's internal resources.

Through this deal, Nofoth aims to achieve strategic expansion and enter the essential food sector by utilizing Maqsood Restaurants’ brand to enhance its presence and increase its revenues.

The deal is expected to have a positive financial impact in the long term, with the initial financial effect anticipated to reflect during 2025.

There are no related parties in the deal, the statement said.

According to data available with Argaam Nofoth signed, on Oct. 29, a non-binding memorandum of understanding to acquire the Maqsood Restaurant brand.

As part of the agreement, Maqsood Restaurant will transfer two of its Riyadh branches, along with all brand-related assets, to Nofoth.