AMMAN, Jordan, May 27, 2016 /PRNewswire/ --
A consortium led by Siniora Food Industries Company, a subsidiary of APIC and a leading and fast growing regional meat processing company, and Emerging Investment Partners (EIP) a Guernsey private equity fund acquired Diamond Meat Processing L.L.C (DMP) in the UAE in a deal worth USD 17 million. Prior to this acquisition, DMP was part of the Emirates Trading Agency (ETA) Star House Group, a multi-dimensional and diversified organization as a joint venture with UAE's Al Ghurair Group.
Chairman of APIC and Siniora Tarek Aggad stated that this acquisition came as part of Siniora's expansionary strategy to increase its regional market share, with a focus on the GCC. Aggad added that 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.
Siniora's CEO Majdi Al-Sharif stated that there is an intention to invest in upgrading the current production lines of DMP, keep the brand name "Al-Masa" unchanged, while Siniora's brand name will be added to some products. This deal, Al-Sharif stated, is the result of close ties between Siniora and EIP's management.
Siniora is a public shareholding company listed on the Amman Stock Exchange (ASE:SNRA). Siniora enjoys dominant market shares in Palestine and Jordan and also has leading market share in Saudi Arabia. It also markets its products in the United Arab Emirates and other twelve countries in the Middle East. Siniora has two state-of-the-art factories in Jordan and Palestine, and holds international certifications for Occupational Health and Safety Management Systems OHSAS 18001:2007 and Environmental Management Systems ISO14001:2004. http://www.siniorafood.com
DMP is one of the UAE's leading meat processing companies based in Dubai with more than 15 years of experience and well-established local brands. The company produces more than 80 varieties of processed meat and holds both the ISO 9001:2008 and HACCP quality certifications. http://www.almasadubai.com
SOURCE Arab Palestinian Investment Company (APIC)