According to Arab Net, Almarai said in a statement that this acquisition would enhance the capacity of Almarai to serve its customers, by expanding drinks products in the region.
The entire deal was funded from Almarai operating cash flows, while the transaction remains subject to some regulatory approvals.
Almarai emphasizes the lack of relevant parties in the acquisition process.
In the past May, Almarai announced the acquisition of an additional share of an additional stake in the modern food industry company.
The company said in a statement. One of its subsidiary, the Western Bakeries Company, has completed an additional 15% stake in Al Olayan Financial Co., Ltd., in the modern food industry company (subsidiary), a total value of SR 150 million, to become a rope Western bakeries after this acquisition 75% of the capital of the company's modern food industry.
The modern food industry is manufacturing and selling long-term bakery products with the brands of Days.
The full acquisition of Almarai operating cash flows was funded and the financial impact will be reflected in the financial results of this quarter.
