Modern Food: Almarai subsidiary completes Modern Food Industries acquisition for $67m

Author: Mon, 2022-02-07 18:10 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. Main category: Business & EconomyTags: AlmaraiModern Food IndustriesWestern Bakeries Co Saudi dairy giant Almarai posts 21% profit drop amid pandemic challenges