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29-Mar-2016

Qalaa Holdings cancels sale of Dina Farms to Almarai; divestment put on hold

According to an article in Al Borsa, Qalaa Holdings [CCAP.CA] has cancelled the sale of its subsidiary, Dina Farms, to Almarai [2280.SE] as the offer value that was received did not meet the company's approval. Qalaa Holdings has decided to maintain ownership of Dina Farms for now, while it would offer it back up for sale at a later stage. The article also states that Almarai would not be submitting a new offer at a higher price and that it would withdraw from the deal. It is worth noting that Nadec [6010.SE] was also in the bidding process for the company, but has pulled out of the deal late last year. (Al Borsa)   Almarai: SAR68.89 as of 28 March 2016, Rating: Neutral, FV: SAR65.00 per share, MCap: USD11,022 million, ALMARAI AB / 2280.SE NADEC: SAR22.66 as of 28 March 2016, Rating: Neutral, FV: SAR18.00 per share, MCap: USD465 million, NADEC AB / 6010.SE

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