The Saudi industrial export Company SIECO announced today on tadawul forming SAR 1m capital joint venture with Shahd Al Saharaa Company to distribute food products in the local market.

 

The new joint venture is 51% owned by SIECO and financed by the company’s internal resources, the remainder 49%is owned by Shahd Al Saharaa.

 

SIECO also mentioned that the new formed company signed a distribution agreement with Afia international co. to distribute Afia’s products in south Jeddah and east Riyadh.

 

The agreement has a term of one year and is expected to generate SAR 4m of net profits at a sales volume of SAR 180 annually.

 

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