Almarai Investment Holding Company, a subsidiary of the Saudi Almarai Company for Food Industries, has acquired PepsiCo’s stake in the Dairy and Juice Company Limited.
The Dairy and Juice Company Ltd. is a joint venture established in 2009 between Almarai and PepsiCo, and its main activity is manufacturing and distributing food and beverages in Egypt and Jordan, in addition to exporting its products to a number of countries, according to a disclosure from Almarai on Sunday to the Saudi Stock Exchange (Tadawul).
The deal, valued at 255 million Saudi riyals ($68 million), raised Almarai’s stake in the Dairy and Juice Company Ltd. from 52% to 100%. The purchase amount was financed from the internal cash flows of Almarai.
Almarai Company, which was established in 1977 and has become one of the largest producers of food industries in Saudi Arabia and the Middle East, said that its full ownership of the Dairy and Juice Company Ltd. will enable it to strategically expand in other regions.
(Prepared by: Amani Radwan, Edited by: Maryam Abdel-Ghani, to communicate with [email protected])
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