Saudi food giant Almarai agrees to buy Bakemart in UAE and Bahrain

Published 16 Mar,2021 via Arab News - Economy DUBAI - Almarai said it has agreed to buy the UAE and Bahrain operations of Bakemart in a deal worth 93.5 million dirhams ($25.5 million).

The deal was fully financed from existing cash flow and the financial impact would be reflected in its next quarterly results, Almarai said in a Tadawul stock exchange filing on Tuesday.

Bakemart makes breads and pastries for the regional food service and retail sector. It was originally founded in 2003 and has two production factories in the UAE and a workforce of 800, according to its website.

The regional food and beverage sector is witnessing consolidation as a year of lockdowns have forced companies to trim costs and seek savings through mergers and acquisitions.

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