30 June 2005
BEIRUT: A group of Lebanese businessmen acquired the majority of Sannine mineral water plant for $11.5 million, a statement by the group said. Sannine is one of the leading mineral water companies in Lebanon and the owner has even expanded his business to Syria and Iraq. Leading industrialist Jacques Sarraf, one of the new partners of the mineral water plant, told The Daily Star that water is considered the "oil wealth of Lebanon."
"This is a good investment and we hope to export Sannine mineral to other countries in the future," Sarraf said.
He added that Rizk Riz, the founder of Sannine, will still maintain a stake in the company.
Sarraf said that the company may invest more money into the plant in the future to meet the demand outside Lebanon.
"The Lebanese must be able to invest in productive sectors which help the local economy," added Sarraf.
The plant, which employs 127 workers, produces 90 million units of one-liter mineral water bottles and three million units of 19-gallon bottles each year.
International food company Nestle acquired the rival Sohat water mineral plant four years ago.
But Nestle, which owns a number of food plants in the Middle East, never disclosed the cost of the acquisition.
Investments in the industrial sector in Lebanon remain low because the market is more oriented towards banking and tourism.
