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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.”
Binghatti Beverages is part of Dubai-based Binghatti Holding, which operates in multiple sectors including real estate, hospitality, consumer goods and construction, among others. The value of its real estate portfolio exceeds Dh3.5 billion in value, according to the company's website.