RIYADH: Saudi-based dairy giant Almarai Co. has completed the full acquisition of Bakemart’s operations in the UAE and Bahrain in a deal worth SR95.4 million ($25.5 million).
The deal, signed last March, was fully financed from Almarai’s operating cash flow, it said in a bourse filing.
The acquisition aims to expand the homegrown company’s bakery production line and boost its contribution to the Kingdom’s food security in line with Vision 2030.
Founded in 2003, Bakemart makes bread and pastries for the regional food and retail sector.
