Latest News
- Kuwait-Jordan Durra Field Joint Statement Rejected By Iran
- GTD Cracks Down On Vehicle Noise Pollution In Sulaibiya
- Mystery Of Dead Fish At Shuwaikh Beach Sparks Urgent Action
- MEW To Complete Links With The Interior And Justice Ministries B...
- 8 Expats Jailed For Bribing An Officer To Obtain Driver's Licens...
- Weekend Weather Is Expected To Be Hot
- From Tomorrow, Traffic Diversion On Third Ring Road
- Ministry Of Health Refute Rumors On Non-availability Of Antibiot...
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
Kuwait's Mezzan Gets Saudi Foothold With Al Safi Deal
Kuwait-based Mezzan Holding, one of the largest food, beverage, and pharma manufacturing and distribution companies in the Gulf, has completed the acquisition of 70 percent of Al Safi Food Company.
The deal effectively grants Mezzan Holding a platform to manufacture and distribute food and beverage products in Saudi Arabia, the company said in a statement.
Based in Riyadh, Al Safi Food Company is a start-up food manufacturing company established by Saudi Arabia's Al Faisaliah Group which will hold the remaining 30 percent stake.
Mezzan Holding said it acquired the 70 percent stake through a capital injection of SR90.75 million.
Mezzan Holding operates in seven countries through 29 subsidiaries and 7,500 employees, and generates about 75 percent of its revenues through retail-based activities.
Mezzan Holding vice-chairman, Mohammed Al Wazzan, said: "Saudi Arabia represents a key growth market for our company. We look forward to grow our business in the kingdom and serve Saudi households with high quality food products along our local partners, the Al Faisaliah Group."
Mezzan Holding CEO Garry Walsh added: "The acquisition marks our real entry into the kingdom's food manufacturing and distribution sector.
"By 2018, we expect our Saudi business to contribute between 5-10 percent to our top line, and to grow there as the new Saudi-based food manufacturing facilities that we have planned start production."
Al Safi Food Company will be renamed Mezzan Food Company, the statement added.
Â
SOURCE : ARABIANBUSINESS
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Thief Returns Stolen Money With An Apology Letter...
15 April 2024
Comments Post Comment