Riyadh – Mubasher: Western Bakeries Company, a subsidiary of Almarai Company, has completed the acquisition of an additional 15% stake owned by Olayan Financing Company in Modern Food Industry.
The total value of the acquisition stands at SAR 150 million.
Following this acquisition, Western Bakeries will own 75% of the capital of Modern Food Industry.
The transaction was fully financed from Almarai’s operating cash flows. In addition, the financial impact will reflect on the second quarter’s (Q2) financial results.
Earlier this month, Almarai said it would be investing SAR 6.6 billion to expand in the poultry segment over five years.