Mezzan acquires majority stake in Saudi food company

MEZZAN Holding, a major food, beverage, and pharma manufacturing and distribution company in Kuwait and one of the biggest in the Gulf, has acquired 70 percent of Al Safi Food Company, according to ArabianBusiness.com. The company acquired 70 percent stake for SR90.75 million (approx US$24 million).

Al Safi is a start-up company located in Riyadh and was set up by Al Faisaliah Group which will continue to own the remaining 30 percent of the company.

The new deal will allow Mezzan to manufacture and distribute food and beverage products in the Kingdom of Saudi Arabia. Mezzan expects the new KSA business to contribute up to 10 percent to its revenues.