Saudi Arabia

In Brief

Saudi milling firm acquired for $229m

Saudi-based Abdullah Al Othaim Markets Company’s consortium with Allana International and United Feed Manufacturing Company has signed a deal worth SR859 million ($229 million) with National Center for Privatization to acquire the Fourth Milling Company.  A joint venture agreement would be signed to organise the relations among the consortium members through a holding company that would be incorporatedes, said the company in its filing to Saudi bourse Tadawul. The acquisition transaction will be self-financed from the consortium members, in addition to borrowing from local banks under the name of the holding company that will be incorporated, it stated. n


Almarai buys Bakemart units for $25.5m

Saudi food giant Almarai acquired the UAE and Bahrain operations of Bakemart in a deal worth SR95.5 million ($25.5 million). Almarai signed an agreement with the shareholders of Bakemart UAE and Bakemart Bahrain to acquire 100 per cent of their shares, the company said in a filing with the Saudi Stock Exchange.

The deal was fully financed from Almarai’s operating cash flow, and the financial impact will be reflected in its next quarterly results. The acquisition will further expand Almarai’s bakery product offering and enhance its contribution to the Kingdom’s food security in line with Saudi Vision 2030. Bakemart has two production factories in the UAE and a workforce of 800, according to its website.

Almarai has also announced the appointment of its new CEO Abdullah Nasser Al Bader. Bakemart operates in the UAE and Bahrain and has 800 employees.