Saudi Arabian grocery retailer BinDawood Holding (BDH) has acquired a 51 percent stake in Wonder Bakery, a UAE-based food company, for AED97 million ($23 millionSaudi Arabian grocery retailer BinDawood Holding (BDH) has acquired a 51 percent stake in Wonder Bakery, a UAE-based food company, for AED97 million ($23 million
BinDawood acquires 51% stake in Wonder Bakery
Saudi Arabian grocery retailer BinDawood Holding (BDH) has acquired a 51 percent stake in Wonder Bakery, a UAE-based food company, for AED97 million ($23 million) to tap into the fast-growing bakery market.
The transaction will be funded by internal resources, according to a statement on the Tadawul exchange, where BDH’s shares trade.
Wonder Bakery, which was established in 2014, specialises in fresh and frozen products for the hospitality sector. It has a 62,000-square-feet facility in Dubai, producing up to 50,000 tonnes of bakery and kitchen products annually.
BDH also aims to establish and operate a manufacturing facility in Saudi Arabia, enabling the transfer of technical and operational know-how to the local market.
Wonder Bakery serves the GCC market and plans to expand globally soon, the statement said, without naming any target countries.
Further reading:
- Saudi Arabia among world’s most competitive delivery markets
- Saudi ecommerce boom spurs race to build logistics network
- UAE shoppers ready to spend, but retail outlook remains tough
Earlier this month, BDH announced the acquisition of 51 percent of Toy Triangle Company, a Saudi-based toy distribution business.
BinDawood shares were trading flat at SAR4.66 on Wednesday, having lost more than a quarter of their value since January 1.
The BinDawood family owns BDH, which has 80 hypermarkets and supermarkets in Saudi Arabia.
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