RIYADH: Saudi poultry processing firm Anaam International Holding Co. has closed a deal to acquire 55 percent of ARW Industry Co. as it seeks to diversify its sources of revenue.
With operations in the city of Jeddah, ARW specializes in manufacturing medical supplies.
The Saudi-listed group agreed to purchase the shares at a value of SR15 million ($4 million), according to a bourse filing.
Anaam said the move aims to diversify its business, in addition to beefing up the Kingdom’s medical sector with different sources of income and potential domestic product growth.