Saudi Almarai Company announced the conclusion of a sale and purchase agreement with the shareholders of Baikmart Company yesterday, Monday, to acquire 100% of the company's shares, which include the UAE and Bahrain Bakemart companies, With an institutional value of 93.5 million dirhams.
Bake Mart is engaged in the manufacture and production of frozen baked goods for the food service sector and retail industries in the Middle East. Joining Almarai will expand the range of the company's bakery products, which will enhance From Almarai's ability to increase its contribution to the Kingdom's food security as a central goal within the goals of the Kingdom's Vision 2030.
According to Almarai's statement to the Saudi Market (Tadawul), today, Tuesday, this transaction will be funded entirely from Almarai's operating cash flow, and the financial impact of the acquisition will be reflected in the quarter's results. Next. While the deal remains subject to obtaining some mandatory and regulatory approvals, including the approval of the General Authority for Competition in the Kingdom of Saudi Arabia.
In the statement, Almarai emphasized that there were no related parties involved in the acquisition.
