Riyadh / SA. (ac) Almarai Company is pleased to announce that on 15th March 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 percent shares in Bakemart UAE and Bakemart Bahrain, for an Enterprise Value of 93.5 million Dirham (AED) – approximately 21,35 million EUR or 25,25 million USD.
Bakemart is engaged in the manufacturing and production of frozen bakery items to the Food Services and Retail industries in the Middle East. This acquisition will further expand Almarai’s bakery product offering. This will enhance Almarai’s ability to increase its contribution to the Kingdom’s food security, in alignment with the Kingdom’s Vision 2030.
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.
Almarai also wants to highlight that there are no related parties in the acquisition.