Al Safi Danone shares sold

Saudi Arabia-based Al Safi Holding, a unit of Al Faisaliah Group, has sold its shares in Al Safi Danone Company to National Agricultural Development Company.

The business combination of Nadec and ASD, a joint venture between Al Safi Holding and French food company Danone results in Nadec buying all the shares of Al Safi Danone from Al Safi Holding and Danone Dairy Investments Indonesia.

Its shareholders will own 38.8% of Nadec. The value of the transaction was undisclosed.

The deal will help consolidate Nadec’s and ASD’s business in the dairy industry in Saudi Arabia, reinforce its position to create a leading regional dairy and beverage player, and extend its geographic reach, according to the company.

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