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BinDawood has closed its SAR 186.5 mn acquisition of Jumeirah Trading, it said in a disclosure to Tadawul yesterday. The Tadawul-listed holding company now holds 100% of Jumeirah as it looks to expand its distribution reach, reduce supply chain risk, and improve margins through vertical integration.
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BACKGROUND- BinDawood lined up a no-objection decision from the General Authority for Competition last month, after the takeover was approved by its BoD back in May.
What’s Jumeirah? 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.
