Almarai – The food giant of Saudi recently agreed to buy the Binghatti drinks factory for 15 million dirhams ($58.5 million). The Binghatti drinks factory which is owned by Binghatti Beverages Manufacturing is situated in the UAE.
Almarai on Wednesday stated that “This acquisition will enhance Almarai’s ability to serve its customers by expanding the range of beverage products in the region,” in a Saudi stock exchange filing.
The transaction will be entirely financed from Almarai’s operating cash flow but is subject to regulatory approvals.
A bumper year of sales fueled by a surge in pandemic grocery-buying has assisted to increase the earnings of regional food companies and encouraged to fund capital investment.
Almarai Company is a Saudi-based multinational dairy company that is listed on the Tadawul stock exchange. The company is renowned for food and beverage manufacturing and distribution. Its main offices are situated in Riyadh, Saudi Arabia.
The company notably partnered with PepsiCo starting from the year 2009 and has been responsible for obtaining a great number of large businesses.