Dubai-listed Unikai Foods has been approached with a cash proposal that could hand control of the company to a Kuwaiti investor.
Al Wafir for Marketing Services has made a conditional offer to purchase a controlling stake in the food company, targeting anywhere between 50 per cent plus one share and a maximum of 51 per cent of Unikai’s issued equity. The bid values the shares at AED 6.60 apiece, putting the total consideration in the range of AED 128–131 million, or roughly $35 million.
The prospective buyer is linked to the Al Bahar family of Kuwait, whose business interests span fresh produce trading, a grocery retail chain, bottled water operations, media ventures and facility management services.
Unikai has acknowledged receipt of the offer and indicated that the proposal will now be placed before its board for evaluation.
Should the deal move ahead at the upper end of the proposed range, the transaction would result in a change of control and mark a significant ownership shift for the fast-moving consumer goods company listed on the Dubai Financial Market.
