The Saudi Almarai Company, today, Thursday, completed the procedures for acquiring 100% of the shares of Pick-Mart UAE and Bahrain.
The company said that the value of the final acquisition of all shares amounted to 93.5 million UAE dirhams, equivalent to 25.5 million US dollars.
The Saudi General Authority for Competition had announced that it had no objection to completing the process of economic concentration between Almarai Company and the entire business of Bake Mart Bakeries.
In March 2021, Almarai entered into a sale and purchase agreement to acquire 100% of the shares of Pick-Mart, which includes Pick-Mart UAE and Pick-Mart Bahrain, with a corporate value of 95.5 Million Saudi Riyals.
The acquisition is expected to expand the range of Almarai's bakery products, enhancing the company's ability to increase its contribution to the food security of the Kingdom of Saudi Arabia, in line with the objectives of the company. The vision and strategy of the Kingdom 2030.