One of the Gulf’s biggest food and beverage companies has completed the acquisition of 70% of Al Safi Food, effectively granting it a local platform to manufacture and distribute food and beverage products in the Kingdom.
The on-again-off-again sale of a majority stake in Kuwait Food Co, otherwise known as Americana, to a Gulf-based consortium has been scrapped by the Al Kharafi family, bringing to an end months of negotiations over a deal worth billions of dollars.
Kuwait’s Mezzan Holding, one of the Middle East’s biggest manufacturers and distributors of food and beverages, has reported in an increase in second-quarter revenue of 2.4% over the same period in 2015 to KWD52.8m (US$175m), and a 3.9% increase in year-to-date...
Kuwaiti food conglomerate Mezzan Holding will buy into Saudi Arabia’s Al Safi Food for up to US$25m, while EIP, one of the buyers of Diamond Meat Processing, eyes further purchases.
The sale of Americana to investor consortium Adeptio will not proceed, both parties announced on Sunday, ending a transaction which could have been worth as much as US$4bn.
Savola Group, Saudi Arabia’s biggest food producer, reported a 80.3% fall in first-quarter net profits, missing analysts’ forecasts and after an exceptional gain made a year ago.
Saudi Arabia will see US$8bn in new aquaculture investment according to the Ministry of Agriculture, while Kuwait’s fish market troubles continue as shrimp prices rise.
Kuwaiti consumers boycotting fish in protest at unprecedentedly high prices have forced market rates down, and drawn support from government officials.
Kuwait has announced its strategic food reserves are at an all-time high, and has warned against food price hikes, as the country prepares itself in case of conflict.
Brazilian food giant BRF has denied it has joined a bid to buy Kuwait’s Americana, weeks after it bought a 75% stake in Al Yasra Foods, its Kuwaiti distributor, for US$160m.
Shares in Kuwait Food Company, better known as Americana, have been suspended at the firm’s request, as the company confirms it is in discussion with potential buyers.
Kuwait, Qatar, Saudi Arabia and Bahrain have taken steps to
withdraw all Spanish olive oil from the market following the
discovery of benzopyrene in olive-pomace oil.
