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KUNA : Today in Kuwait's history - History

KUNA : Today in Kuwait's history - History
kuna.net.kw - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kuna.net.kw Daily Mail and Mail on Sunday newspapers.

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Saudi Arabia's Almarai acquires Binghatti's beverage production unit in UAE for Dh215m

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Saudi Arabia s Almarai, the biggest dairy company in the Middle East, is buying Binghatti Beverages Manufacturing s production facility in the UAE for Dh215 million ($58.54m) as it continues to expand its product range.
The transaction, which is subject to obtaining certain regulatory approvals, will be fully financed from Almarai’s operating cash flows, the company said in a statement on Wednesday to the Tadawul stock exchange, where its shares trade.
“This acquisition will enhance Almarai’s ability to serve its customers by expanding the range of beverage products in the region.”
Binghatti Beverages is part of Dubai-based Binghatti Holding, which operates in multiple sectors including real estate, hospitality, consumer goods and construction, among others. The value of its real estate portfolio exceeds Dh3.5 billion in value, according to the company s website. ....

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Assembly nod for frontliners - ARAB TIMES

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KUWAIT CITY, May 27: The National Assembly, during its special session on Thursday, approved the proposal of the government to add KD 600 million to the amount allocated for the incentive of workers on the frontline of the fight against coronavirus in the State budget for fiscal 2020/2021 with 61 votes in favor and one against. During the session, Minister of Finance and Minister of State for Economic and Investment Affairs Khalifa Hamada disclosed that the beneficiaries of the incentive are classified into three categories based on the hazard level as follows: the first category consists of workers at the ministries of Health and Interior, the second consists of workers specified by the Civil Service Commission (CSC), and the third consists of workers in support institutions. He said 95 percent of the incentive budget is allotted for workers in the Ministry of Health, Ministry of Interior and National Guard. He added the citizens who died due to Covid-19 while they ....

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Saudi Arabia's Almarai acquires additional 15% stake in Modern Food Industries for $40m

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Saudi Arabia s Almarai, the biggest dairy company in the Middle East, acquired an additional stake in Riyadh-based snacks-maker Modern Food Industries amid a product diversification push.
Almarai subsidiary Western Bakeries Company purchased the stake owned by Olayan Financing Company for 150 million Saudi riyals ($40m), the company said in a filing on Sunday to the Saudi Stock Exchange, Tadawul, where its shares trade.
The diary company said it used its operating cash flow to fund the acquisition, with the financial impact expected to be reflected in its next quarterly results.
Following the deal, Western Bakeries Company owns 75 per cent of the Modern Food Industries. ....

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Almarai expands stake in bakery business in $40m deal

DUBAI: Saudi Arabia s Almarai has acquired an additional stake in a bakery company.
Almarai, through its Western Bakeries Company unit, has bought an additional 15 percent stake owned by Olayan Financing Company in Modern Food Industry (MFI), which is known for its long shelf-life pastries under the brand name “7Days.”
The transaction totaled SR150 million ($39.9 million), according to a stock exchange filing on Sunday.
A bumper year of sales and an increased focus on food security in the wake of the coronavirus pandemic is encouraging a wave of merger and acquisition activity across the booming regional food industry.
MFI was established in 2009 as a joint venture between Almarai and the Saudi conglomerate Olayan Group. It is known for its sales and manufacture of packed croissants, swiss rolls, and cake bars. ....

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