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Al-Jouf Agricultural Development Plans SAR236 Million Equity Raise

MT Newswires·08/24/2026 02:17:36
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02:17 AM EDT, 08/24/2026 (MT Newswires) -- Al-Jouf Agricultural Development (SASE:6070) intends to raise 236.3 million Saudi riyals through a placing of 4.5 million shares priced at 52.5 riyals each. The placing will be fully subscribed by Almunajem Foods Co. (SASE:4162), raising its shareholding in the Saudi Arabia-listed agricultural development company to 20.3%, according to a Monday release. Al-Jouf plans to use the proceeds for its strategy, infrastructure, and support services as part of its transformation to an integrated agri-industrial business. The funds will also support the expansion of its food manufacturing business and value-added products. The proposed capital increase is subject to regulatory clearance and approval by the company's extraordinary general assembly.