Saudi Arabia’s Almarai acquires Binghatti’s beverage production unit in UAE for Dh215m

Saudi Arabia’s Almarai acquires Binghatti’s beverage production unit in UAE for Dh215m

Saudi Arabia's Almarai, the biggest dairy company in the Middle East, is buying Binghatti Beverages Manufacturing's production facility in the UAE for Dh215 million ($58.54m) as it continues to expand its product range.

The transaction, which is subject to obtaining certain regulatory approvals, will be fully financed from Almarai's operating cash flows, the company said in a statement on Wednesday to the Tadawul stock exchange, where its shares trade.

“This acquisition will enhance Almarai's ability to serve its customers by expanding the range of beverage products in the region.”