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Almarai acquires Bakemart in UAE, Bahrain for AED 93.5m

Almarai acquires Bakemart in UAE, Bahrain for AED 93.5m
Almarai will finance the acquisition from its operating cash flow
ALMARAI
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Riyadh - Mubasher: Almarai Company has signed a sale and purchase agreement to acquire all shares in Bakemart UAE and Bakemart Bahrain for an enterprise value of AED 93.5 million ($25.5 million)

Bakemart's businesses focus on the manufacturing and production of frozen bakery items, enables Almarai to expand its bakery product offering and raise its contribution to Saudi Arabia's food security, according to a bourse filing on Tuesday.

Almarai will finance the acquisition, whose financial impact will be reflected in the next quarterly results, from its operating cash flow.

The transaction remains subject to certain mandatory and regulatory approvals, including the approval of the General Authority for Competition in Saudi Arabia.