SJIC signs agreement to invest in Alyoum Bakery

AMMAN — The Saudi Jordanian Investment Company (SJIC) and Alyoum Bakery, a pioneering industrial-scale baked goods producer in Jordan, on Tuesday announced the signing of an agreement for SJIC to indirectly invest in Alyoum Bakery. 

Completion of the deal is subject to fulfilling certain conditions under the agreement and obtaining the necessary regulatory approvals.

The transaction, which involves the issuance of new shares by Alyoum Bakery, aims to bolster the company's ability to execute its longer-term growth strategy, which includes expanding its business through the introduction of new product categories across Jordan and in neighboring markets, according to a statement for The Jordan Times. 

This deal is in line with SJIC's strategy, which includes exploring new investment opportunities in Jordan that support the creation of long-term economic partnerships to achieve sustainable returns.

Acting CEO of SJIC Muteb Shathri, said: “We are delighted to mark this milestone cooperation with this well-established firm, and we look forward to working with Alyoum Bakery and contributing to the company’s growth."

"This transaction is part of SJIC’s strategy to focus on key promising sectors which are important for economic development. The partnerships that SJIC is establishing with leading Jordanian companies are fundamental elements of success for the future,” Shathri added.

Co-founder of Alyoum Bakery Mahmoud Khalil said: “Today marks a significant milestone for Alyoum Bakery and the beginning of a new phase in the company’s journey."

"We are very excited by SJIC’s investment into the company, reflecting a commitment that will enable us to implement the key pillars of our organic strategy, which centers around enhancing production efficiency and product availability, in addition to expanding the distribution network both within Jordan and across neighboring markets,” Khalil added.

Alyoum Bakery specialises in producing a wide selection of fresh bakery products. It is considered a leading Jordanian company, with one of the widest and most advanced distribution infrastructures in the local market, allowing for countrywide coverage and reach across multiple sales channels. 

The company owns a production unit with the capacity to process 300 tons of flour each day. This is in addition to seven production lines as well as auxiliary packaging units.