Company acquires a 77% stake in the meat manufacturing company in a deal worth $28.3 million
Amman, Jordan-based meat processing company Siniora Food Industries, a subsidiary of Arab Palestinian Investment Company (APIC), has acquired a 77% stake in Trakya ET in a deal worth $28.3 million.
Trakya ET is a meat manufacturing company in Turkey which owns the Polonez brand of meats.
Tarek Aggad, chairman of APIC and Siniora said the acquisition forms part of the company’s growth strategy to increase its market share on a regional and global scale by expanding its production lines and targeting new markets. He added that the Turkish market will become the cornerstone for Siniora’s products to reach European and global markets.
Siniora chief executive Majdi Al-Sharif said Siniora will upgrade Trakya ET’s production lines, adding that the acquisition will enhancing the company’s revenue and profit. strengthen its financial position, and boost Siniora’s revenue by around $40 million this year.
Siniora is a publicly listed company on the Amman Stock Exchange.
Date published: 2 March 2021