Saudi-based Abdulaziz Alsaghyir Holding Company (AAHC) plans to invest $266 million in the food sector over the next five years. It also plans to establish a new limited liability company Abdulaziz Alsaghyir Foods Co Ltd, with the new entity operating in three main fields –manufacturing, distribution and retail.
“The outstanding successes achieved by our company on the local level in unanimous investment fields motivated us to take further expansion steps towards investing in new sectors – on head and above of which came the Saudi food sector together with a range of international and regional markets,” says Hisham Alsaghyir, CEO and board member of Abdulaziz Alsaghyir, adding that the new company could cement its presence in the food sector via acquisition of companies active in this field.
Alsaghyir added that the company is currently in the process of studying and evaluating opportunities for acquiring majority shares in a number of Saudi and UAE companies. “We’ve entered into advanced negotiations with one of Saudi Arabia’s meat manufacturing companies and we’re about to finish the financial and technical inspections of this transaction,” he reveals.