AMMAN, Tuesday, March 2, 2021 (WAFA) - Siniora Food Industries Company, a subsidiary of Arab Palestinian Investment Company (APIC) and a leading and fast-growing regional meat processing company, announced yesterday the acquisition of a 77% stake in Trakya ET meat manufacturing company in Turkey, the owner of the Polonez brand, in a deal worth $28.3 million.

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

Aggad confirmed that the Turkish market will be the cornerstone for Siniora's products to reach European and global markets.

Siniora CEO Majdi al-Sharif stated that Siniora will work on upgrading its current production lines of Trakya ET Co. (Polonez).

He confirmed that 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 Siniora's revenues by around $40 million in 2021.

Siniora is a public shareholding company listed on the Amman Stock Exchange (ASE:SNRA).

M.K.