Almarai grabs Etmam Logistics for SAR 182 mn: Almarai — the Gulf’s largest dairy company — acquired frozen storage provider and distributor Etmam Logistics in a SAR 182 mn transaction, according to Tadawul filing yesterday.

Sorry, bankers: No external finance needed: Almarai’s internally generated cashflows are set to fully finance its acquisition of Etmam, which is still subject to regulatory approval.

What’s in it for the leading dairy producer: The takeover falls under Almarai’s expansionplans to include a range of frozen products across the kingdom. It will help boost its poultry production, allowing it expand its product offering and push deeper into the frozen food segment.

REMEMBER- Almarai made an entry to the frozen bakery segment this year: The dairy company is investing some SAR 405 mn over the course of two years to increase its fresh bakery capacity and enter the frozen bakery market in the kingdom, it said in October.

Almarai has been making headlines in recent months: In October, the kingdom’s leading food-processor Savola Group — Almarai’s largest shareholder — confirmed reports that it is reviewing options for USD 5.3 bn stake in Almarai in what could be one of the region’s biggest M&A transactions. However, talks are at an early stage and Savola may decide against the sale, Bloomberg reported at the time, citing people in the know.

TAIBA FINALIZES PROCEDURES TO ACQUIRE DUR-

IN OTHER M&A NEWS- Taiba Investments has completed necessary procedures for its acquisition of Dur Hospitality, the company said in a disclosure to Tadawul yesterday. Tadawul’s said earlier this week it would delist all of Dur’s shares as the transaction goes ahead.

Background: Shareholders of both Dur and Taiba approved the merger on November 30, following Taiba’s shareholders’ approval of a SAR 1 bn capital increase to acquire Dur’s 100 mn shares, Argaam reported at the time.

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