{"id":87669,"date":"2024-07-09T00:00:00","date_gmt":"2024-07-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/09\/bindawood-mayar-holding-close-in-on-separate-acquisitions\/"},"modified":"2024-07-09T00:00:00","modified_gmt":"2024-07-09T00:00:00","slug":"bindawood-mayar-holding-close-in-on-separate-acquisitions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/09\/bindawood-mayar-holding-close-in-on-separate-acquisitions\/","title":{"rendered":"BinDawood + Mayar Holding close in on separate acquisitions"},"content":{"rendered":"

BinDawood has received notice that the General Authority for Competition has no <\/strong>objection to the Tadawul-listed supermarket groups\u2019 full acquisition of Jumeirah Trading<\/strong> in a transaction valued at SAR 186.5 mn, it said in a disclosure to Tadawul<\/a> yesterday. The acquisition comes as BinDawood looks to expand its distribution reach, reduce supply chain risk, and improve profit margins through vertical integration, it added. Bindawood\u2019s board approved the takeover<\/a> in May.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

What\u2019s Jumeirah?<\/strong> It is engaged in the wholesale, retail and distribution of food, household products, toys, and luggage across Saudi. Its net income nearly doubled y-o-y in 2023 to report SAR 22.2 mn, while its revenues were up 28.7% y-o-y last year to SAR 142.9 mn.<\/p>\n

Share price: <\/strong>BinDawood\u2019s shares were down 1.2% to SAR 7.3 a piece at yesterday\u2019s market close.<\/p>\n

\n

MAYAR HOLDING TO BUY TWO ELEVATOR COMPANIES<\/p>\n

Mayar Holding unit eyes two elevator companies in one go:<\/strong> Elevator Solutions Investment, a subsidiary of Nomu-listed Mayar Holding Company, has signed a contract to fully acquire Saudi Installation Operation and Maintenance Contracting Company (ITM)<\/a> and the Smart Elevators Company<\/a> in one transaction, Mayar Holding said in a disclosure to Tadawul<\/a>. The parties signed a non-binding MoU on the acquisition last month<\/a>.<\/p>\n

Ironing out the details: <\/strong>The acquisition sees the sellers of ITM and Smart Elevators receiving SAR 40 mn and a 28% stake in Mayar\u2019s Elevator Solutions Investment, according to the disclosure. The transaction will be funded from Elevator Solutions\u2019 own resources with the amount paid over one year as agreed between the parties. The completion of the acquisition remains contingent on a \u201cnumber of terms and conditions\u2026including but limited to terms and procedures of a regulatory and commercial nature.\u201d<\/p>\n

The rationale:<\/strong> The acquisition comes under Elevator Solutions\u2019 plan to increase its market share in the local elevator market and offer a broader range of products and services to boost its competitiveness, according to the disclosure.<\/p>\n

Market reax<\/strong>:<\/strong> Mayar\u2019s shares were up 3.0% to SAR 3.4 per share at yesterday\u2019s market close.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: BinDawood obtains non-objection from competition authority to acquire Jumeirah Trading<\/p>\n","protected":false},"author":1,"featured_media":87670,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2575],"tags":[1450,2319,10,2047,14,2147,2320,2321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-bindawood","tag-elevator-solutions-investment","tag-enterpriseam-ksa","tag-jumeirah-trading","tag-ma-watch","tag-mayar-holding","tag-saudi-installation-operation-and-maintenance-contracting-company-itm","tag-smart-elevators-company","wpautop","entry"],"acf":{"mongo_id":"4b67ac20-a5d1-4c36-bcc1-ccb23f18e134","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/689.jpg","photo_position":"above","homepage_title":"","full_issue_title":"BinDawood + Mayar Holding close in on separate acquisitions","related_issue":[87660],"teaser":"PLUS: BinDawood obtains non-objection from competition authority to acquire Jumeirah Trading","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.89ef01ec-ea97-4de9-afa0-e8642e891ca9.mp3"},"yoast_head":"\nBinDawood + Mayar Holding close in on separate acquisitions - 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