Sunday 18 April 2021

Jordan's Siniora buys 77pc stake in Turkish food company

AMMAN, March 2, 2021

Jordan-based Siniora Food Industries Company said it has acquired a 77% stake in Trakya ET, a meat manufacturing company in Turkey and the owner of the Polonez brand, in a deal worth $8.3 million.

A subsidiary of Arab Palestinian Investment Company (APIC), Siniora is a leading and fast-growing regional meat processing company listed on the Amman Stock Exchange.

This acquisition is a unique addition to Siniora and comes as part of the company's growth strategy to boost its market share on a regional and global scale by expanding its production lines and targeting new markets, said APIC and Siniora Chairman Tarek Aggad.

"Turkish market will be the cornerstone for Siniora's products to reach European and global markets," he noted.

CEO Majdi Al Sharif pointed out that Siniora will work on upgrading its current production lines of Trakya ET Companny (Polonez).

This addition to Siniora's portfolio will contribute to enhancing its revenues and profits as well as strengthen its financial position and expected to boost the company's revenues by around $40 million in 2021, he added.-TradeArabia News Service


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