M&A WATCH-

#1- Bahrain’s GreenCorp has become the new owner of the Jeddah-based Emad Bakeries following a 100% acquisition as part of its “mandate is to invest in high-growth, demand-driven, scalable and sustainable food businesses across GCC,” according to a a joint statement (pdf). GreenCorp is powered by a USD 150 mn fund which is owned by the Gulf Islamic Investments (GII). The investment firm has USD 4.5 bn of assets under management.

What they said:“Adding Emad Bakeries to Green Corp’s managed portfolio is a strategic move that aligns perfectly with our vision of establishing GreenCorp as a comprehensive GCC food investment platform, encompassing the entire nutritional value chain, and enhancing Gulf food security. We aim to make further acquisitions in the Kingdom, as we build Green Corp’s asset portfolio,” said Pankaj Gupta, GII co-Founder and co-CEO.

ADVISORS- RidgePoint Advisors quarterbacked the transaction as sole financial advisor to Emad Bakeries, while King & Spalding and AlAmmar Law Firm acted as legal advisors.

#2- Jeddah-based carpet maker Naseej International Trading is gearing up for a takeover of Etmam Arabia Real Estate, it said in a regulatory filing to Tadawul. The two have inked a non-binding MoU that would see Naseej fully acquire Etmam once a final agreement is reached. This will be done by way of issuing new shares in Naseej for the shareholders of Etmam.

About the asset: Etmam is a local construction company specialized in commercial real estate, residential units, and sports facilities, according to its official webpage. Its latest ventures include Al-Awaly Hills, Bab Jeddah Hotel, and Al-Tayseer.

TECH-

AlJammaz Technologies to become Wildix’s distributor in the GCC: Cloud browser-based unified communications solution provider Wildix entered a “strategic partnership” with local value added technology distributor AlJammaz Technologies, marking Wildix’s entry to Saudi, according to a statement last week. The partnership sees AlJammaz becoming Wildix’s first distributor in the region.

CAPITAL MARKETS-

Moammer offloads a quarter of its stake in Edarat for main market move: Riyadh-based IT solutions provider Al Moammar Information Systems (MIS) has sold a 25% stake in cloud service provider Edarat Group at a transaction valued at SAR 61.5 mn to meet the requirements of the latter’s planned move from Nomu to the main market, it said in a disclosure to Tadawul last week. Al Moammar sold 126k shares — priced at SAR 488 apiece — of Edarat through private transactions, leading to capital gains amounting to some SAR 57.6 mn. Al Moammar will have a 30% share of Edarat once it becomes Tadawul-listed, according to the disclosure.

Al Moammer has been busy: The IT solutions provider acquired in January an undisclosed stake in San Francisco-based AI startup Anthropic through a USD 5 mn equity investment. The investment is part of a SAR 40 mn allocation agreed in December by the company to set up an investment portfolio directed towards global AI firms.

DEBT WATCH-

#1- Riyad Capital seals SAR 1.45 bn debt refinancing pact with Riyad Bank: Riyad Capital — the fund manager of closed-ended Shariah-compliant real estate investment fund Riyad Reit – has signed an agreement with Riyad Bank to refinance an existing facility with the lender to bag a fresh SAR 1.45 bn package, according to a disclosure to Tadawul yesterday. The terms for the agreement stipulate a profit margin by no less than 50% compared to the previous financing facility and an extension to the maturity term to seven years.

#2- MESC gets loan from Emirates NBD KSA: The Middle East Specialized Cables (MESC) has lined up a SAR 70 mn Shariah-compliant credit facility from Emirates NBD KSA, the Riyadh-based cable manufacturer said in a disclosure to Tadawul last week. The loan will finance working capital, it said.

HEALTHCARE-

Canadian Medical Center rents office in Eastern Province: Nomu-listed CanadianMedical Center signed a three year SAR 3.1 mn contract to rent a building from real estate firm Khayrat Amariya to open an office in the Eastern Province, it said in a disclosure to Tadawul last week. The head office will be located at Al Ammar Avenue Complex in Dammam. It also signed a SAR 1.9 mn contract with the real estate firm for related building works on the HQ, according to a separate disclosure.

ENTERTAINMENT-

The Saudi Film Commission signed a MoU with China's Bona Film Group set up a joint film investment fund, Saudi Gazette reported last week. The MoU also covers the distribution of Saudi movies in China and the development of Saudi film talent.

REAL ESTATE-

#1- View United Real Estate Development signed a 16-year contract worth SAR 110 mn with Al Shams Holding to develop the latter’s residential complex in Riyadh’s Al Quds neighborhood, it said in a disclosure to Tadawul. The residential project will be home to villas and apartments, with a total building area of 13.8k sqm.

MANUFACTURING-

Bawan subsidiary to supply electrical products to Saudi Electricity: A subsidiary of leading industrial group Bawan has been awarded contracts to supply electrical products to the Saudi Electricity Company at an estimated value of SAR 409.7 mn, according to a disclosure to Tadawul last week. The financial impact of the contacts will reflect on Bawan’s financials starting Q4 2024 to Q4 2025.

ADVERTISING-

Arabian Contracting Services (Al Arabia) has finalized procedures for the voluntary liquidation of its subsidiary Arabian Bird Trading Company (Sindebaad), the outdoor advertising services provider said in a disclosure to Tadawul last week. It said the Commerce Ministry has canceled the subsidiary’s commercial registration.

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