JEDDAH – The Saudi-Arabian food group Almunajem has taken a stake of 25% in the French poultry producer Groupe Doux. The transaction completes the financial restructuring of Doux that filed for insolvency over two years ago.
Almunajen is the principal customer of Groupe Doux, which went down in the summer of 2012 because of its burden of debt. The Saudi-Arabian company announced its intention to participate in the resurrection of Doux over a year ago and has now converted the outstanding debt into a participation in the share capital.
A majority of 75 percent of the shares remains in the hands of the Breton businessman Didier Camels. “That an international group wants to enter into the capital of a Breton food company is a show of confidence. We are very proud of this,” said CEO Arnaud Marion of Doux, who added that his company is now profitable and without debts. “We are ready for the next steps in our plan.”
Groupe Doux, with its headquarters in Chateaulin, employs some 2,200 people, over a 1,000 less than before the financial problems. In an earlier plan, the family Doux would retain part of the company but that appears no longer to be the case. Almunajem, a company with over 15,000 employees, is specialized mainly in the import of frozen food products.
Originally published on www.saudigazette.com.sa