Saudi Arabia’s Almarai acquires Bakemart in UAE, Bahrain

Saudi Arabia’s Almarai acquires Bakemart in UAE, Bahrain

Saudi F&B giant Almarai has completed its acquisition of a 100 per cent shares in Bakemart UAE and Bahrain, it announced on March 16.

"Almarai Company is pleased to announce that on March 15, 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% shares in Bakemart UAE and Bakemart Bahrain, for an enterprise value of Dhs93.5m,“ the company said in a statement to the bourse.

The acquisition will further expand Almarai's bakery product offering and bolster its contribution to the kingdom's food security.