Kuwait – Mubasher: Mezzan Holding has completed its takeover of 70% stake in the KSA-based Al Safi Food Company, granting Mezzan Holding a local platform to manufacture and distribute food and beverage products in Saudi Arabia.

Mezzan purchased the stake in Al Safi through a capital injection of SAR 90.75 million (KWD 7.3 million), according to a recent statement.

“The capital injection includes planned capital expenditures leading up to end of 2017,” the statement noted.

“Our Saudi Growth Strategy leading up to 2018 has three main priorities. Our first priority is to streamline operations by managing operating expenses, raw materials, and SKU rationalization. Our second priority is to introduce Mezzan-manufactured products from other countries, while raising the efficiency and production of Al Safi Food’s baked goods production. Our third priority is deploying the injected capital in expanding new product lines and build new factories to serve Saudi from within Saudi, and serve growing demand in Kuwait and neighboring markets through Saudi,” CEO of Mezzan Garry Walsh said.

“By 2018, we expect our Saudi business to contribute between 5% and 10% to our top line, and to grow there as the new Saudi-based food manufacturing facilities that we have planned start production,” he added.