Delmon Poultry Company, Bahrain’s biggest supplier of broiler chicken, is awaiting a response from General Poultry Company (GPC), the country’s biggest supplier of locally-produced fresh eggs, for their proposed merger.
In a filing to Bahrain Bourse yesterday, Delmon Poultry Company said it had a meeting with Bahrain’s sovereign wealth fund Mumtalakat, the owner of GPC on March 12 to discuss the merger proposal.
Delmon sent a letter to GPC on March 26 saying their board approves of how the merger would be structured and how they would move forward with an official agreement.
The company also sent an updated confidentiality agreement (to keep details of the merger private) on the same day, which GPC still needs to sign.
Delmon further said it is prioritising protecting the rights of both the company’s owners (shareholders) and employees during the merger.
The merger still needs approval from both the shareholders of the companies and from relevant government agencies.
Delmon will keep everyone updated on the progress of the merger as things move forward, it added.
Established in 1980, Delmon is a public shareholding company supplying up to 80 per cent of the kingdom’s broiler chicken.
Current operations of the company include a hatchery in Buhair, a feedmill in Mina Salman and a processing plant in Hamala.
Mumtalakat owns 15pc stake in Delmon through Bahrain Investment Holding Company (Istithmar).
Established in 1977, GPC is the country’s biggest supplier of locally-produced farm-fresh eggs.
From its farm located in Hamala, it currently produces nearly 100m eggs a year from a farm operation spread over 600,000sqm in Hamala.
avinash@gdnmedia.bh
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