Bahrain firm inks deal for Hungry Bunny stake

A Bahrain-based Islamic investment firm has announced the completion of a deal to acquire 49 percent of Saudi fast food chain Hungry Bunny.

Tharawat Investment House said it has acquired the stake in the Hungry Bunny brand, which is owned by Mohamed bin Husain Al Dosary, and is registered in the US, Europe, and Middle East.

Al Dosary said the company would look to launch an initial public offering on the Saudi bourse in the next four years.

The chain owns 38 branches which operate throughout Saudi Arabia, Bahrain, Kuwait and Oman under worldwide franchise agreements.

Arif Mohamed Al Alawi, Tharawat's CEO, 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 centres.

"The annual rate of return of this investment is expected to reach 25 percent per annum with a forecast to pay eight percent dividends to the investors in every year."

The Hungry Bunny employs around 500 people with 2011 sales totalling more than SR52m.

Al Alawi added: "Saudi Arabia's fast food outlet sector is growing at an annual rate of five percent and such growth is anticipated to continue at the same rate during the next five years."

Mohamed bin Husain Al Dosary, who owns 51 percent of the Hungry Bunny restaurant chain, expressed his "happiness and optimism" following the acquisition, adding that the deal aims to take the company to "new broader horizons".

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Statistics fog raises risk as cheap oil hits Gulf

Statistics fog raises risk as cheap oil hits Gulf

Sharp revision of economic data in Saudi Arabia suggests its...

Why banking in the Gulf will never be the same again

Why banking in the Gulf will never be the same again

New technologies are emerging in banking and finance at a rapid...

How Gulf SWFs have thrown funding lifeline to tech ventures

How Gulf SWFs have thrown funding lifeline to tech ventures

Saudi Arabia and other Gulf states have ploughed money into hot...

Most Discussed
sponsoredTracking