Arab Palestinian Investment Company (Apic) said one of its subsidiaries Siniora Food Industries has partnered with a Guernsey private equity fund Emerging Investment Partners (EIP) to acquire a UAE-based meat processing company as part of its regional expansion strategy.

Siniora Food Industries, a fast growing regional meat processing company, completed the acquisition of Diamond Meat Processing (DMP) in a deal worth $17 million, said a statement from Apic.

Dubai-based DMP is one of the country's leading meat processing companies with more than 15 years of experience and well-established local brands. It produces more than 80 varieties of processed meat and holds both the ISO 9001:2008 and HACCP quality certifications.

Prior to this acquisition, DMP was part of the Emirates Trading Agency (ETA) Star House Group, a multi-dimensional and diversified organisation as a joint venture with UAE's Al Ghurair Group.

On the deal, Tarek Aggad, the chairman of Apic and Siniora, said this was part of Siniora's expansionary strategy to increase its regional market share, with a focus on the GCC.

"This move is also in line with Apic's expansion and development strategy to target new markets, while simultaneously upgrading the products and services of its subsidiaries," he stated.

Siniora's CEO Majdi Al Sharif stated that there was an intention to invest in upgrading the current production lines of DMP and keeping the brand name "Al Masa" unchanged, while Siniora's brand name will be added to some products.

This deal, stated Al Sharif, is the result of close ties between Siniora and EIP's management.

Siniora, a public shareholding company listed on the Amman Stock Exchange, enjoys dominant market shares in Palestine and Jordan and also has leading market share in Saudi Arabia.

The company, which boasts of state-of-the-art factories in Jordan and Palestine, markets its products in the UAE and other 12 countries in the Middle East.-TradeArabia News Service