Almarai acquires Bakemart

Almarai, the largest food and beverage manufacturer in the Middle East, has acquired the the operations of Bakemart in UAE and Bahrain. The deal is reportedly worth SR95.5 million ($25.5 million), according to Arab News.

Almarai, based in Saudi Arabia, has signed the agreement with Bakemart UAE and Bakemart Bahrain on March 15 this year to acquire 100% of their shares, the company said in a filing with the Saudi Stock Exchange (Tadawul) on Tuesday.

According to the report, the acquisition was fully financed from Almarai’s operating cash flow, and the financial impact will be reflected in its next quarterly results, according to the Tadawul filing.

Bakemart was established in 2003 as a manufacturer of breads and other baked products, and has two facilities in the UAE and has operations in Bahrain and Qatar.