If you’ve lived a day in the MENA region, then you’ve surely had a glass of Saudi F&B moguls, ‘Almarai”s juices or milks. Their name definitely rings a lot of bells. In today’s news, the company has acquired the Bahrain and UAE operations of ‘Bakemart.’
Bakemart, a company that identifies itself as a “total bakery solutions company in Middle East”, is a supplier of bakery products. The deal is said to be worth SR95.5 million (that’s the equivalent of $25.5 million).
In a filing with Tadawul (Saudi Stock Exchange), Almarai shared that they signed an agreement with the shareholders of Bakemart Bahrain and Bakemart UAE on the 15th of March 2021, for the acquisition of 100% of their shares.
When it comes to financials, the deal was fully backed from Almarai’s operating cash flow — while the impact is believed (according to the Tadawul filing) to be reflected in its next quarterly results.
With this acquisition, Almarai aims to further expand their bakery product offering, as well as develop its very own contribution to the KSA’s food security in accordance with Saudi Vision 2030.