According to Business News, two large corporate deals were sealed.
As reported by the agency, Tabourian Group used to own a 51% share in Sannine and is now the full owner through the acquisition of the 17.5% shares held by Malia Group and the 31.5% shares held by Rizk Rizk.
On a different note, Cali-food, a manufacturer of bakery products, will open a $16M factory with a total built up area of 12,000m2 on Khalde Highway. This expansion is estimated to multiply production capacity by six, boost the current turnover from $12M to $75M, and increase the workforce to 600, compared to 200, now. After the facility is built, the company is expected to export 50% of its products, compared to 35% previously.
Tabourian- Sannine Acquisition
Acquirer Portfolio : Tabourian | Acquired: Sannine |
X-tra juice | Market share: 12% |
X-tra ketchup | Production: 250,000 liters/day |
Bonjus | Factory expansion from 3,000m2 to 8,000m2 |
Libby’s juices | Production capacity of 19L gallon to 1,500/hour |
Libby’s canned food and ketchup | |
RC cola |
Source: Business News