UAE fund takes controlling stake in Thai food giant GloCon
Siraj Holding, a leading investment fund in the UAE, announced on Friday it had taken a controlling stake of 10.58% in Thai SET-listed food conglomerate Global Consumer Plc (GloCon).
The transaction, finalised on October 21, marks a significant milestone in Siraj Holding’s expansion strategy, said the Middle East fund.
Siraj Holding, led by the Al Otaiba family, has diverse business interests in oil and gas, food trading, healthcare, finance, and technology.
The company’s press release announcing the GloCon deal describes the Al Otaiba family as a “prominent name among the richest families in the UAE”.
GloCon boasts a diverse portfolio, spanning packaging, frozen foods, and dried fruits, with standout brands like Lookchin Tip, renowned for its porkball production.
Siraj Holding's strategic investment facilitates consumer goods sector expansion, leveraging GloCon's market dominance and expertise for growth, innovation, and operational excellence.
This collaboration promises fresh opportunities, enhanced product offerings, and superior customer value. The acquisition aligns with Siraj Holding's vision for sustainable growth and UAE's economic advancement.
GloCon Consumer recently relocated two major factories in response to full capacity in 2022, tripling their production capacity. This positions them well for market expansion and meeting growing consumer demand.
Both companies foresee strengthened market positions and a focus on innovation, growth, and superior product and service delivery through this synergistic partnership.
