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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.
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Saudi Arabia s Almarai, the biggest dairy company in the Middle East, acquired an additional stake in Riyadh-based snacks-maker Modern Food Industries amid a product diversification push.
Almarai subsidiary Western Bakeries Company purchased the stake owned by Olayan Financing Company for 150 million Saudi riyals ($40m), the company said in a filing on Sunday to the Saudi Stock Exchange, Tadawul, where its shares trade.
The diary company said it used its operating cash flow to fund the acquisition, with the financial impact expected to be reflected in its next quarterly results.
Following the deal, Western Bakeries Company owns 75 per cent of the Modern Food Industries.
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The legend goes that company’s flagship brand Mrs Bector s Cremica was born out of the Hindi phrase “cream ka” (made of cream) when Rajni used to sell ice creams. Her recipes became so popular that the initial investment of ₹20,000 is today a ₹1,000 crore business spanning countries. “Today as you know, we are one of the leading brands in biscuits and bakery business in North India, and we have established this brand from scratch. We hold a 4.5% market share in North India. We export 12% of the total biscuit exports from India,” Anoop Bector, Rajni’s son and the Managing Director of the company told Business Insider in an interview.