{"id":86332,"date":"2024-05-20T00:00:00","date_gmt":"2024-05-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/20\/almarai-inches-closer-to-acquisition-of-etmam-logistics-plus-arab-energy-fund-will-invest-in-dussur-projects\/"},"modified":"2024-05-20T00:00:00","modified_gmt":"2024-05-20T00:00:00","slug":"almarai-inches-closer-to-acquisition-of-etmam-logistics-plus-arab-energy-fund-will-invest-in-dussur-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/20\/almarai-inches-closer-to-acquisition-of-etmam-logistics-plus-arab-energy-fund-will-invest-in-dussur-projects\/","title":{"rendered":"Almarai inches closer to acquisition of Etmam Logistics. Plus: Arab Energy Fund will invest in Dussur projects"},"content":{"rendered":"<p class=\"tag-border-left\">M&amp;A WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Almarai has secured all the regulatory approvals required to close its SAR<\/strong><strong> 182 mn acquisition of <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/etmam\/\" style=\"\" rel=\"noopener\">Etmam Logistics<\/a><\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/jZJbU-owFIV_y3ngUbKb2KSct4jQVmhLLyrkxWk1VOa0KVOKHfz1hsscLwiat0zWt7L2BQk0RUKlL4s8bRaVSgt9nwn6YHIK2LEgACfpA4XYpreJZVy7BN3vBL4z7jtg4VEwMDnwKxJ6A8YMGGEk9LM7sS8NVz_bxtAA7pMRZlYC4AG6QwKJVXPw-f-R5dkUQp-HAWYm2Hew8_kxx7sgnpgQDiceGUMENtDf8XDi8F_8Lz6XGvQiqktNvOuEGgY49CA416qd4FyGLymOizwbEx8JAt5j2uHmynbHnFiUfRUcz2GmG8U-TDSK9USHg8uJAyEGzFC89eBKVWv1KEupGn9dZrJGM0bMHv2BH8Ge92W7cp80YxLzgJyqKqR75LEql6naxJsyqwo0w9gCdINEXlTZfpGfm2b5twMdaNKntF0XHd3QVKl-2qCpcVqgY0wZw5hsJVxlxMqRqOVc1rLurmttveVWO7Bt225eVXkhuzqO5r9Bniu97tPPShRLhZblrdosFhf_okHkvCbzsnzw_QuRbUjxMp7zP2-BJqpE\/dz\/d5\/L0lJS2FZQSEhL3dMTUFBc1FCWWpNQy80TmxHb3hBIS9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy84MDE5OA!!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The definitive acquisition agreement was originally signed <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/jZJbU-owFIV_y3ngUbKb2KSct4jQVmhLLyrkxUm1VOa0KVOKHfz1hsscLwiat0zWt7L2BQk0RULJl0Uum0WlZKHvM0EfTE4BOxYE4CR9oBDb9DaxjGuXoPudwHfGfQcsPAoGJgd-RUJvwJgBI4yEfnYn9qXh6mfbGBrAfTLCzEoAPEB3SCCxag4-_z-yPJtC6PMwwMwE-w52Pj_meBfEExPC4cQjY4jABvo7Hk4c_ov_xedSg15EdamJd51QwwCHHgTnWrUTnMvwJcVxkWdj4iNBwHtMO9xc2e6YE4uyr4LjOcx0o9iHiUaxnuhwcDlxIMSAGYq3Hlypaq0eszJTjb8u06xGM0bMHv2BH8Ge97N25T5pxiTmATlVVUj3yGNVLqXaxJsyrQo0w9gCdINEXlTpfpGfm2b5twMdaOSTbNdFRzdUKtWXDZoapwU6xpQxjMlWwlVKrByJOptndVZ317W23nKrHdi2bTevqrzIujqO5r9Bniu97tPPShTLGi3LW7VZLC7-RYPIeU3mZfng-xci3ZDiZTznf94AqafshA!!\/dz\/d5\/L0lHSkovd0RNQUhrQUVnQSEhLzROVkUvZW4!\/\" style=\"\" rel=\"noopener\">in December 2023<\/a>. The diary giant financed the transaction with its own resources. The acquisition \u201cwill enhance Almarai\u2019s food service credentials by allowing broader product offering opportunities, accelerate poultry business growth and expand ice cream, bakery and other frozen categories in the future,\u201d the statement reads.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Chemanol one step closer to acquiring local chemicals manufacturer: <\/strong>Tadawul-listed Methanol Chemicals (Chemanol) has finalized all regulatory requirements and approvals to acquire an 80% stake in <a target=\"_blank\" href=\"http:\/\/www.gciksa.net\/\" style=\"\" rel=\"noopener\">Global<\/a><a target=\"_blank\" href=\"http:\/\/www.gciksa.net\/\" style=\"\" rel=\"noopener\">Company for Chemical Industries<\/a>, at a price of SAR 80 mn, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyMjAwFA_ODVPvyA3NMIgMyA3XNdREQBesPej\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDIyOS9jb21wYW55U3ltYm9sLzIwMDEvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The move comes under a growth strategy by Chemanol aimed at expanding its operations in the local specialty chemicals segment and diversifying its product offerings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All for a larger slice of the market: <\/strong>Chemanol became Addar Chemical\u2019s majority owner <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ac0f497e-c940-4910-8cc6-2634331308e2\" style=\"\" rel=\"noopener\">earlier this year<\/a> after acquiring an 84% stake in the local chemicals manufacturer in a SAR 46 mn transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF CHEMANOL-<\/strong> The company trimmed its net losses to SAR 24.5 mn in 1Q 2024 on the back of higher sales volumes, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyMjAwFC_IDc0wiAzIDfcUVERAFZuzDQ!\/dz\/d5\/L0lDU0NRa2dwUXBRa0tDbEVLQ2xFS0lLVVFvZ3BSSWshL1lEVUVBQUFJSUVNRUNLSUVBR0lHT0lPSUJKRkpGQkpORE5EQk5MTEhMSFBJRUVMQWdvZ292QXNDQUEhIS80SkNpaksxYkdMamlFRXBNaFNUVVU1Q21tb1pyZHJMWnpVODF1MWxzRnFLVlZHS0EvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDIxNy9jb21wYW55U3ltYm9sLzIwMDEvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Its revenues dipped 1.2% y-o-y over the period to SAR 183.3 mn due to lower selling prices.<\/p>\n<p class=\"tag-border-left\">INVESTMENT WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Arab Energy Fund \u2014 formerly known as Apicorp \u2014 will invest in <\/strong><strong>greenfield projects operated by <\/strong><strong>the Saudi Arabian Industrial <\/strong><strong>Investments Company (Dussur)<\/strong> after signing an MoU that will see Dussur facilitating as much as USD 200 mn in bridge finance, the Fund said in <a target=\"_blank\" href=\"https:\/\/www.apicorp.org\/ar\/news\/the-arab-energy-fund-enters-strategic-partnership-with-dussur\/\" style=\"\" rel=\"noopener\">a statement<\/a>. Dussur <a target=\"_blank\" href=\"https:\/\/dussur.com\/shareholders.php\" style=\"\" rel=\"noopener\">is owned by<\/a> the sovereign wealth fund (PIF), Sabic, and Aramco.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cOur strategic partnership with Dussur is also aligned with our planned investment of up to USD 1 bn to advance the energy transition with a focus on decarbonization and related technologies over the next five years,\u201d the energy-focused fund\u2019s Chief Banking Officer Nicolas Th\u00e9venot said in <a target=\"_blank\" href=\"https:\/\/tradearabia.com\/news\/OGN_422216.html\" style=\"\" rel=\"noopener\">a joint press release<\/a>.<\/p>\n<p class=\"tag-border-left\">DEBT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IT services provider Advance International Co. (Aictec) has obtained SAR 8.5 mn in <\/strong><strong>financing <\/strong>from the National Information Technology Development Program in partnership with the Social Development Bank, it said in <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3swmaekr\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>. The five-year financing agreement will help support Aictec\u2019s operating cycle.<\/p>\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Real estate developer Retal Urban Development will develop 295 residential units in <\/strong><strong>Riyadh\u2019s Khozam suburb <\/strong>under sub-development agreements worth SAR 660 mn with the National Housing company, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCFyJC2ptb1ADikRAokAtyzBIiJXHkOFD69XUIEqKFilo-eMczs7NLfLIkfsr2UchUJFIW63rlm-s2NaHVs2ACvdkbmODZ5nxmNbstkyyuCdbINsEdU3fS6rTB_gDi_0sPntMG990ZGUOYgg3mY3q4c-gD_f1ryoQ-d3SCwavdH1LDMjs_CTdG_NHk9wwnwh8hB8QPYxFUC6dpYFgh8SVuUaJsFFLDO6Wy_KUGNTgcDo1QiDDGBhdJDW5JdiJXZHnNJB6mp3V17u6j3yQLibkoJEcyDVHRNBVFyjHBVA2jXHWZYsTljO9wiHuMHRYi8cr52GYf5ULmJYusSiRHroTsZv3NuT4mgYirdybFpuBqdsywApTQ1ud3pk296EtXTaiMmOS7C7f8HxdJgLIbaE4JbaVILgasTM3LzJWoua6fWAo_lXcyIyuJSm9bgxstc1BGooyZJfP5EqJ-3Q-OhpHQxDKu74E-fQPB98Bo\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC80MzIyL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwMTg0\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The project will run for 42 months, and its financial impact will be reflected on Retal\u2019s financial results starting this year until 2027, it said. <\/p>\n<p class=\"tag-border-left\">EARNINGS WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kingdom Holding reported net income of SAR 196.2 mn in 1Q 2024, up <\/strong><strong>from SAR 171 mn in 1Q 2023<\/strong>, it said in <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/b46xvttk\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>. The comprehensive income of the Tadawul-listed company was 10x its net income with a 22% y-o-y increase, the statement reads. The holding\u2019s revenues fell 16% y-o-y to SAR 564.4 mn last quarter on the back of lower dividend income and lower hotel and other operating revenues.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Almarai | Etmam Logistics | Chemanol | Global Company for Chemical Industries, Kingdom Holding, Retal Urban Development, Advance International<\/p>\n","protected":false},"author":1,"featured_media":86333,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2564],"tags":[284,54,57,285,10,31,2703,14,106,712],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-almarai","tag-also-on-our-radar","tag-debt-watch","tag-earnings-watch","tag-enterpriseam-ksa","tag-investment-watch","tag-kingdom-holding","tag-ma-watch","tag-real-estate","tag-retal-urban-development","wpautop","entry"],"acf":{"mongo_id":"6779337e-f69b-4b9e-9834-3ce4e456c42e","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1600.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Almarai inches closer to acquisition of Etmam Logistics. Plus: Arab Energy Fund will invest in Dussur projects","related_issue":[86315],"teaser":"Almarai | Etmam Logistics | Chemanol | Global Company for Chemical Industries, Kingdom Holding, Retal Urban Development, Advance International","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.de363489-0178-4e71-8f00-05146bcfb8a8.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Almarai inches closer to acquisition of Etmam Logistics. Plus: Arab Energy Fund will invest in Dussur projects - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/20\/almarai-inches-closer-to-acquisition-of-etmam-logistics-plus-arab-energy-fund-will-invest-in-dussur-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Almarai inches closer to acquisition of Etmam Logistics. 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