Almarai completes procedures to buy assets owned by Binghatti Beverages

15/11/2021 Argaam

Almarai office

Almarai Co. announced the completion of procedures for acquiring the assets owned by Binghatti Beverages Manufacturing LLC (BBM) in the UAE for AED 215 million.

 

The company said in a bourse filing that the acquisition will enhance Almarai’s ability to serve its customers by expanding the range of beverage products in the region.

 

The transaction was internally financed by Almarai’s operating cash flows.

 

There are no related parties in this transaction.

 

According to data compiled by Argaam, in June, Almarai announced the conclusion of an asset purchase agreement with Binghatti Beverages - a limited liability company - to acquire the assets owned by it, in the UAE, for AED 215 million.

 

In October, the General Authority for Competition (GAC) issued a no-objection certificate for Almarai to complete the acquisition of Binghatti Beverages Manufacturing LLC.

 

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