Saudi’s Almarai buys bakery manufacturer in UAE, Bahrain

Dubai (Reuters) – Saudi Arabia’s Almarai, the Gulf’s largest dairy company, said on Tuesday it had agreed to buy frozen bakery item manufacturer and producer Bakemart in the United Arab Emirates and Bahrain for an enterprise value of 93.5 million dirham ($25.5 million).

The deal, fully funded through Almarai’s operating cash flow, would expand the Saudi company’s bakery range, it said in a statement to the Saudi stock exchange.