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FINANCIAL NEWS
Saudi Almarai acquires Fondomonte for USD83m
21 Dec 2011
(MENAFN) Almarai Co, GCC largest dairy company by market value, announced making USD83 million acquisition in Argentina, Reuters reported.
The Saudi firm said it bought Fondomonte SA, which owns and operates farms in the Argentina, to secure feed for its dairy herd and poultry businesses.
Al marai added that the transaction is financed from a combination of operational cash flows and Islamic banking facilities.
In June Almarai unveiled plans to spend USD1 billion to expand its business in the poultry sector.
Fondomonte SA owns three farms totaling 12,306 hectares, with focus on the production of corn and soy beans.
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