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ARYZTA Receives Binding Offer For Stake In Picard - Quick Facts

ARYZTA (ARZTY.PK,ARZTF.PK) has received a binding offer from Invest Group Zouari for the majority of the company's interest in Picard. Consideration for the 43 percent stake of 156 million euros, combined with prior Picard dividend income of 91 million euros, results in a total of 247 million euros.

The Board of ARYZTA believes the terms of the deal to be in the best interest of the Group. ARYZTA retains 4.5 percent stake in Picard, which the company plans to monetise later.

Kevin Toland, ARYZTA's CEO, said: "On completion of this transaction, ARYZTA will realise some 85 percent of its asset disposal objective."

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