Strategic alliance between Tharawat Investment House and International Investment Bank for Hungry Bunny acquisition
- Bahrain: Tuesday, February 26 - 2013 at 12:50
- PRESS RELEASE
Tharawat Investment House (Tharawat), a Bahrain-based Islamic investment house specialized in providing and management of alternative investment business, and International Investment Bank (IIB) announced the completion of a 49% acquisition of the Hungry Bunny fast food restaurant chain, the well-known Saudi fast food brand.
On this occasion, Mr. Arif Mohamed Al Alawi, Tharawat's Chief Executive Officer said: "The 49% acquisition of the Hungry Bunny has been completed with the participation of IIB, which is a Bahrain-based Sharia compliant bank, as a major shareholder in the acquisition transaction along with other GCC investors."
Mr. Al Alawi added: "The Hungry Bunny employs around 500 people of various nationalities and employs the most advanced technologies with 2011 sales totaling more than SAR52m and 18% profit margin in that year."
Mr. Al Alawi further said: "The Company is currently building a high-tech facility using the latest European technological standards for processing different kinds of meat to be fully dedicated for its own brand and to serve other shopping centers. The annual rate of return of this investment is expected to reach 25% per annum with a forecast to pay 8% dividends to the investors in every year."
Concluding, Tharawat's Chief Executive Officer said: "Saudi Arabia's fast food outlet sector is growing at an annual rate of 5% and such growth is anticipated to continue at the same rate during the next five years."
Meanwhile, Mr. Abid Al Zeera, IIB Chief Executive Officer said: "Our acquisition of a strategic equity in the Hungry Bunny is part of the Bank's objectives to penetrate and expand this vital service sector for which we shall focus our expertise for the development of this Company and boosting its sales and profits."
"Participation with Tharawat Investment House in this transaction is the start of a strategic partnership through which we look forward to future alliances and business deals for both sides in other sectors in the future," he added.
Mr. Mohamed bin Husain Al Dosary, who owns 51% of the Hungry Bunny restaurant chain expressed his happiness and optimism following the success of the acquisition with the involvement of the two financial institutions and said that it was hoped that the two organizations would bring in their expertise to take us to a new broader horizons for this Company to the benefit of a larger investor base through a public offering on the Saudi stock market during the next four years."
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