Saudi Arabian dairy firm Almarai has purchased the remaining share of its three way partnership with PepsiCo for SAR255m (US$68m).
Almarai now has 100% possession of Worldwide Dairy and Juice Restricted (IDJ), having bought PepsiCo’s 48% stake.
Riyadh-headquartered Almarai mentioned the deal, introduced in a inventory alternate submitting on Friday (17 February), would enable it to “additional increase strategically within the wider area”.
IDJ manufactures and distributes meals and drinks in Egypt and Jordan, in addition to exports outdoors these two markets.
Almarai produces a spread of meals and drinks merchandise within the dairy, poultry, bakery, toddler diet and juice classes. It was based in 1976 by Prince Sultan bin Mohammed bin Saud Al Kabeer and initially processed contemporary milk and laban (a fermented-milk product).
Its JV with PepsiCo was shaped in 2009 to deal with alternatives in south-east Asia, Africa and the Center East, excluding the Gulf Cooperation Council international locations the place Almarai already had a powerful presence. Later that 12 months, IDJ purchased a 75% stake in Jordanian dairy producer Teeba and in 2010 acquired Egypt milk, juice and yoghurt producer Beyti.
In 2012 Almarai additionally hinted it was seeking to improve its 52% share within the JV.
It appointed a brand new CEO, Abdullah Nasser Al Bader, in 2021 as Majed Mazen Nofal resigned for private causes after solely 11 months within the position. Al Bader had been with the corporate for greater than 20 years and most just lately served as govt vice-president for the agency’s bakery division.