Shareholders Al Islami Foods, part of the Dubai Cooperative Society and a leading manufacturer of halal food products in the Middle East, have sold a minority stake in the company to Mitsubishi Corporation, the Japan-based globally integrated business enterprise. 

 

This was announced by international law firms Tribonian Law Advisors (TLA) and BonelliErede Middle East, who represented the shareholders. 

 

Saleh Saeed Lootah, chairman of the board of directors, Dubai Cooperative Society, said: “This association with Mitsubishi Corporation is another step in Al Islami Foods ongoing efforts to accelerate growth. We believe the relationship with Mitsubishi will increase our production by double-digit growth over the next five years through a combination of the expansion of our product range and greater exports.”

 

For Mitsubishi Corporation, which operates businesses across virtually every industry, the deal expands its position in the global halal food market, which is expected to reach $1.7 trillion by 2020.

Carlo Pianese, partner at TLA, and Marco De Leo, local partner at BonelliErede Middle East, commented: “We are very pleased to have acted as legal advisor to the shareholders of Al Islami Foods partnering with a blue chip Asian investor like Mitsubishi Corporation. The deal confirms the trend of an increasing interest by sophisticated international investors in the UAE market, especially in certain strategic sectors”.

 

“This transaction endorses once again TLA’s prime position advising on cross border deals across a variety of different industries”, added Rindala Beydoun, managing partner at TLA.  

 

The TLA team was led by the firm’s managing partner Rindala Beydoun and partner Carlo Pianese, who were assisted by associate Shiladitya Majumdar and trainee Tala Azar.

 

The BonelliErede Middle East team was led by the Executive Chairman of office, Andrea Carta Mantiglia and the local partner Marco De Leo. – TradeArabia News Service