Kuwait-based Al Wafir Marketing Services submitted a voluntary conditional allcash offer to acquire a controlling stake of up to 51% in Dubai-listed Unikai Foods at AED 6.60 per share, according to a bourse filing (pdf). The offer represents a 7.84% premium to Unikai’s last closing price of AED 6.12. DFM shows the stock last traded on 9 October 2025.

We saw it coming: In August 2025, Unikai raised the cap on GCC ownership in its capital to 100%, up from 49%, signaling that management was mulling the onboarding of a regional investor.

It comes as Unikai’s balance sheet is stretched, with interest-bearing debt hitting AED 90.4 mn as of 9M 2025 (up 58.6% y-o-y), according to its latest earnings release (pdf). That is more than 3x its reported net income.

What now? While Al Wafir doesn't have irrevocable undertakings yet, they’ve cut a specific side agreement with Mohammad Said Al Mulla & Sons (MSA), which holds 11% of Unikai. If the takeover succeeds, MSA has the option (but not the obligation) to buy back into the new holding company.

No short-term returns: In a move rarely seen in standard M&A announcements, the offeror explicitly warned that the acquisition is “unlikely to deliver short- to medium-term returns.” Al Wafir describes the road ahead as “capital-intensive” and “complex.”

Our take

A regional pattern? This transaction bears a lot of resemblance to Al Futtaim’s acquisition of a stake in Saudi Arabia’s Cenomi Retail last year. A heritage family conglomerate (the Al Mullas) faces operational headwinds and brings in a heavy-hitting regional operator (Al Wafir) to fix the house.

The logic: Just as the Alhokairs stepped back to let Al Futtaim stabilize their retail empire, the Al Mulla family appears to be ceding control to modernize Unikai. The vertical integration allows Al Wafir to own the shelf (via Kuwait’s central market), while Unikai owns the product. Al Wafir is effectively buying its own supply chain.

ADVISORS- FAB is acting as financial advisor and lead receiving bank, while Al Tamimi & Company is acting as counsel to Al Wafir.

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