Bahrain’s GFH Financial Group has signed a deal to acquire Gulf Central Company, a Saudi Arabian food services and logistics business, for 500 million riyals ($133m).
The company, which has demonstrated strong financial performance and maintained robust results through multiple business cycles, boasts cross-country state-of-the-art integrated warehousing and supply chain operations, an extensive premium product portfolio, and a diverse base of 1000+ blue-chip customers including renowned HORECA players and retail brands in the kingdom.
Furthermore, it enjoys long-standing relationships with circa 200 international aggregators and producers.
Razi Al Merbati, chief executive of GFH Capital, said: “This transaction will come in line with GFH’s strategy to invest in priority sectors aligned with the Saudi Vision 2030. This includes building the group’s presence in complementary sectors with a positive impact on the local economy that also benefit from the country’s economic growth and demographic tailwinds.”
Shafqat Khan, chief executive of Gulf Central Company, said: “With the support of GFH as our partner, we aim to invite our foreign suppliers to set up facilities in Saudi Arabia, wherever possible. Through this, the company will enter into a new phase of growth and strengthen its market positioning further.”
The announcement was made at the seventh edition of the Future Investment Initiative yesterday in Riyadh, where Hisham Alrayes, chief executive and board member of GFH, signed the agreement with Mr Khan.Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).