Saudi food giant Almarai has agreed to acquire a drinks factory in the UAE from Binghatti Beverages Manufacturing for 215 million dirhams ($58.5 million).
"This acquisition will enhance Almarai’s ability to serve its customers by expanding the range of beverage products in the region," Almarai said in a Saudi stock exchange filing on Wednesday.
The deal will be fully 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 helped boost the earnings of regional food companies and helped to fund capital investment.
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