Almarai signs deal to acquire Binghatti Beverages' UAE facility for AED 215 mln

Logo of Almarai Co.

Almarai Co. signed on June 1, 2021, an agreement with Binghatti Beverages Manufacturing LLC (BBM) to purchase and acquire the latter's production facility in the UAE for AED 215 million.

This acquisition will enhance Almarai's ability to serve its customers by expanding the range of beverage products in the region, the company said in a bourse filing today, June 2, 2021.

The transaction will be fully financed from the company's operating cash flows. However, the completion of the deal is subject to obtaining certain regulatory approvals.

There are no related parties in this transaction, the company said.

Binghatti Beverages is a subsidiary of Binghatti Holding, which operates in a number of sectors, including real estate, food, beverage, hospitality, consumer goods, construction etc.  

The company, which was established to provide beverages catering to the unique tastes of the Middle East region and Africa, invested more than AED 500 million in its Khalifa Industrial Zone Abu Dhabi (Kizad)-based production facility, according to an earlier press statement. 

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