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FINANCIAL NEWS
Saudi Al-Wazeen sells 75 percent of its business to IDB
13 Nov 2013
(MENAFN) Saudi-based Al-Waseen Trading Company LLC (Al-Wazeen) and Irish Dairy Board (IDB), Ireland’s largest exporter of premium dairy products, have signed an agreement to sell the latter 75 percent of its established dairy business, according to Arab News.
The agreement’s goal is to invest USD26.6 million in Saudi Arabia and develop fresh white cheese manufacturing plant at the Al-Wazeen facility in Riyadh.
Saeed Mubarak Saeed Bajuwaiber, chairman of Al-Wazeen, said: “We are pleased, together with the Irish Dairy Board, to be entering into a new phase of development and growth for our business. We look forward to continuing to work with our customers and developing what is an exciting and new business opportunity.”
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