Kuwait Mezzan Holding acquires majority stake in KSPICO
The acquisition will grant Mezzan majority Board seats and effective control of KSPICO and will enable Mezzan bolster its capabilities and offerings
Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. Image used for illustrative purpose.
By Staff Writer, Saudi Gazette
KUWAIT —Mezzan Holding one of the largest manufacturers and distributors of food, beverage, FMCG and healthcare products in the Gulf, on Tuesday announced that the successful acquisition of a 67% stake in Kuwait Saudi Pharmaceutical Industries Company KSCC (KSPICO), Kuwait’s only manufacturer of pharmaceutical products.
The acquisition will grant Mezzan majority Board seats and effective control of KSPICO and will enable Mezzan bolster its capabilities and offerings in the healthcare space, a vital and growing consumer segment.
Mezzan Holding Executive Vice Chairman, Mohammed Jassim Al Wazzan, said “KSPICo is one of Kuwait’s untold success stories. The company has a great track-record and a unique market position that complements Mezzan’s business. Upon completion, this acquisition will mark a turning point in our healthcare businesses, transforming it overnight from a distribution-based business into a manufacturing and distribution business with a wide array of product lines, customers, and regulator certifications.
The company has a seasoned-management that we look forward to not only working with to grow current business, but also to expand it into new value added production lines, contract manufacturing with renowned international producers and investment in research & development”.
Mezzan Chief Executive Officer, Garrett Walsh, added “this acquisition marks a significant addition to Mezzan’s core consumer driven business and expanding its access to the local and regional consumer spending. Mezzan will focus its efforts on further growing KSPICO’s market share locally and regionally, growing utilization of manufacturing and improve product mix to help drive growth and profitability.”
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