RIYADH: Saudi dairy giant Almarai Co. announced the acquisition of a 25 percent stake in Modern Food Industries by its subsidiary, Western Bakeries Co., for SR250 million ($67 million).
The acquisition makes Almarai Co. the full owner of Modern Food Industries, according to Saudi exchange Tadawul.
Through this acquisition, the company will gain a stronger position in the food sector in the region and support Saudi Vision 2030, local content, and food security.
