Saudi Arabia’s Almarai acquires Bakemart in UAE, Bahrain

Saudi F&B giant Almarai has completed its acquisition of a 100 per cent shares in Bakemart UAE and Bahrain, it announced on March 16.

“Almarai Company is pleased to announce that on March 15, 2021, the company has entered into a Sale and Purchase Agreement with the shareholders of UAE based companies Bakemart FZ LLC and Bakemart LLC (“Bakemart UAE”), and Bakemart WLL, a Bahraini limited liability company (“Bakemart Bahrain”), to acquire 100% shares in Bakemart UAE and Bakemart Bahrain, for an enterprise value of Dhs93.5m,” the company said in a statement to the bourse.

The acquisition will further expand Almarai’s bakery product offering and bolster its contribution to the kingdom’s food security.

“This transaction is fully financed from Almarai’s operating cash flow, and the financial impact of this acquisition will be reflected in next quarterly results. The transaction remains subject to obtaining certain mandatory and regulatory approvals including the approval of the General Authority for Competition in the Kingdom of Saudi Arabia,” the statement read.

The company added that there are no related parties in the acquisition.

Almarai appointed Abdullah Al Bader as the new CEO of the company, effective March 7, 2021.

Read: Saudi diary company Almarai appoints new CEO

The company recorded SAR1.98bn in consolidated profit attributable to shareholders for the year ended December 31, 2020, marking an increase of 9.5 per cent as compared to SAR1.81bn in 2019. Meanwhile, its revenues for 2020 amounted to SAR15.35bn.