Aleid Foods Company Extraordinary General Assembly approves the purchase of 99% of the capital of Al Ashraf Foods:
Al-Mutairi: We aspire to diversify and develop into the food services sector while accelerating our regional expansion.
Kuwait – August 2023:
Aleid Foods Company Board of Directors discussed today the items listed on the agenda of the Extraordinary General Assembly, and approved the purchase of 99% of the capital of Al Ashraf Market Center Company owned by Dalqan Holding Group, in addition to approving the increase of the authorized and issued capital of the company from KD 18.617 M to KD 30.331 Million by issuing 117.142 Million new shares, at share par value of 100 fils, and an issuance premium of 75 Kuwaiti Fils as cash increase paid in one payment and offered for subscription to shareholders registered in the company’s records on the due date that will be soon announced (a 62.92% increase of the company’s total issued and current paid-up capital).
Aleid Foods Extraordinary General Assembly also agreed to amend Article 5 of the Memorandum of Association and Article 5 of the Articles of Association, making the company’s authorized and issued capital KD 30.331 Million after the amendment and distributed over 303,315,729 Million shares, with share par value of 100 Kuwaiti Fils.
Aleid Foods Company CEO, Eng. Mohammed Al-Mutairi affirmed that 2023 is the year of launching and initiation for Aleid Foods, and therefore the offer of acquisition of Al Ashraf Company came to further the implementation of Aleid’s business model, boost the momentum achieved in the past years and effectively instigate the acceleration of the company’s operations to achieve the regional expansion strategy Goals_25, in terms of adopting diversified sources of income that support the leadership position in the food sector and reinforces sustainable profitability, stressing the importance of the food services sector, which is witnessing rapid growth in the Gulf countries in general and the Saudi market in particular.
Al-Mutairi added, explaining the unique competitiveness of Aleid Foods’ new business model which will become distinguished with the addition of Al Ashraf, allowing us to strengthen our current position as the partner of choice with international, regional, and local food brands, as well as keep pace with the latest innovations and the ever-changing market and client trends, enabling Aleid Foods ambition leadership in the food sector on local and regional levels.
Al-Mutairi concluded by referring to the company determination to perceive challenges as opportunities for growth and business development, hence achieving sustainable returns for shareholders and partners, while focusing on the Aleid Foods continues growth into the regional markets.
“Aleid Foods: Company was established in 1994, with a paid-up capital of more than 12 million Kuwaiti dinars. It was listed on the Kuwait Stock Exchange in 2008 under the consumer services sector. Today, it is a leading company in importing, marketing and distributing food products in Kuwait. “Aleid Foods” has diverse operation lines, a group of partner brands, branches, and subsidiaries specialized in food, with a distribution channel network of advanced logistical capabilities, serving more than 1000 commercial customers and massive direct-to-store operations. “Aleid Foods” believes in digitalization, and is keen to adopt the latest digital technologies in the marketing and distribution of food products.
AlAshraf Company, which specialized in importing and selling diverse foodstuffs, was established in 2002 with the aim of innovating and developing food services in the restaurants and central kitchens sectors and food supply companies, in addition to operating in the supply of raw materials and chocolate production equipment. After nearly ten years, the company has solidified its position in the local market, becoming among the three most significant and renowned companies in the food services sector.