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Monday, 14 May 2018

Knock Mart completes acquisition of Dina Farms

EXCLUSIVE- Knock Mart completes acquisition of Dina Farms retail stores: Online grocery delivery specialist Knock Mart has completed the acquisition of 100% of Qalaa Holdings’ Arabian Company for Services and Trade, the parent company of supermarket chain Dina Farms, Knock Mart Chairman Ahmed Taher tells Enterprise. He did not disclose the price tag for the transaction, but noted that it has been executed. The sale does not include Dina Farms’ core dairy business, Qalaa tells us. Dina has c. 15k head of cattle, making it one of Africa’s largest dairy farms. Under the terms of the sale, Knock Mart will be required to stop using the Dina Farms brand name, which remains Qalaa’s intellectual property, later this summer. The acquisition of Dina Farms’ 17 stores brings Knock Mart’s retail footprint to 20 locations and comes as part of the latter’s strategy to grow its retail stores alongside its online sales, said Taher. Knock Mart had made its intentions to acquire Dina Farms known in October 2017.

Advisors: Pharos Holding executed the transaction on the OTC market. Knock Mart was advised by Haykala Investment Managers and Matouk Bassiouny acted as legal counsel.

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