FINANCIAL NEWS

Saudi Almarai ups shareholding in IDJ to 52%

29 Mar 2012

(MENAFN) Saudi Almarai increased its stake in the International Dairy and Juice (IDJ), a joint venture with PepsiCo, Arabian Business reported.

The company said it increased its shareholding in IDJ to 52 percent from previously 48 percent, by investing USD22.4 million.

IDJ was created in February 2009 between Almarai and PepsiCo, focusing on new business opportunities in dairy and juice products out of GCC countries, in the Middle East, Africa and Southeast Asia.

Almarai made its latest acquisition deal in December when it bought Fondomonte which owns and operates farms in Argentina, to secure feed for its dairy herd and poultry businesses.

Last June, the company unveiled plans to invest USD1.1 billion in the poultry sector.

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