Almarai acquires 100% of Bakemart in UAE, Bahrain for SAR 95.5 mln

16/03/2021 Argaam

Almarai Co. signed on March 15, 2021, an agreement with the shareholders of Bakemart UAE and Bakemart Bahrain, to acquire 100% of their shares, for an enterprise value of AED 93.5 million (SAR 95.5 million), the company said in a filing to Tadawul.

 

The transaction will be financed from Almarai’s operating cash flow, the statement said, adding that the relevant financial impact will be reflected in the next quarterly financial results.

 

The deal, which does not have any related parties, is pending certain mandatory and regulatory approvals, including Saudi Arabia's General Authority for Competition.

 

Bakemart produces frozen bakery items for the food services and retail industries sector in the Middle East. The acquisition will further expand Almarai’s bakery product offering and enhance its contribution to the Kingdom's food security, in line with Vision 2030.

 

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