A consortium including Emerging Investment Partners (EIP), a Lebanese holding company, and Siniora Food Industries, a Jordan-listed company, has acquired the UAE-based Almasa (Diamond Meat Processing) from Al Ghurair Group in a deal worth $17 million.

Karim Burhani, EIP’s managing director, said: “We have made this investment despite the caution prevailing in the markets due to the regional economic, security and political circumstances, and the challenges facing the retail sector in the UAE. We have confidence in the Emirati market and strongly believe that our partnership with Siniora Jordan will take Almasa to a regional scale.”

Burhani added: “Together with Siniora, we will support the existing management team.”
 
“Almasa is a leader in the meat processing business in the UAE with a market share of about 20 per cent. "We have acquired a strong, profitable company, and we will build on this success and on our wealth of expertise, relations and successful investments to help expand the company. This is the second investment by EIP after the Hazmieh Backyard in Lebanon," said Wassim Heneine, managing director, EIP.

Siniora’s chairman of the board, Tareq Al-Aggad, said: “This deal is a new addition to Siniora, allowing it to achieve its objectives and purposes as a regional meat processing pioneer. The acquisition will bolster the company’s regional standing and help it to consolidate its position as a regional leader in its industry."

Siniora’s CEO Majdi Al-Sharif revealed that the companies intend to invest in the current production lines at Almasa. The brand name will remain unchanged, he said, with Siniora’s name being added to some products. - TradeArabia News Service