APIC acquires Diamond Meat Processing

THE Arab Palestinian Investment Company (APIC) expands its regional operations as it acquires Diamond Meat Processing Co. L.L.C (DMP) through Siniora Food Industries, an APIC subsidiary and meat processing company.

Siniora and Emerging Investment Partners (EIP) a Guernsey private equity fund, led the acquisition in a deal worth US$17 million.

Based in Dubai, DMP was part of the Emirates Trading Agency (ETA) Star House Group, a multi-dimensional and diversified organization as a joint venture with UAE's Al Ghurair Group. The company has more than 15 years of experience in meat processing and produces more than 80 varieties of processed meat.

According to the chairman of APIC and Siniora, Tarek Aggad, the company expects to increase its regional market share through this venture. At the same time, he said the move is in line with APIC's expansion and development strategy to target new markets, while simultaneously upgrading the products and services of its subsidiaries.

According to Siniora's CEO Majdi Al-Sharif, they will upgrade the current production lines of DMP and retain the brand name “Al-Masa”, while some products will use Siniora's brand name.

Siniora is a public shareholding company listed on the Amman Stock Exchange (ASE:SNRA). The company enjoys dominant market shares in Palestine and Jordan where it has factories, and has leading market share in the Kingdome of Saudi Arabia. It markets its products in the UAE and other 12 countries in the Middle East. It holds international certifications for Occupational Health and Safety Management Systems OHSAS 18001:2007 and Environmental Management Systems ISO14001:2004