Almarai subsidiary acquires additional 15% stake in Modern Food Industries for SAR 150 mln

09/05/2021 Argaam

Almarai Co. headquarters

 

Almarai Co.’s subsidiary, Western Bakeries Co. LLC, completed the acquisition of an additional 15% stake in Modern Food Industries LLC (a subsidiary), from Olayan Financing Co., for a total value of SAR 150 million.

 

Following this acquisition, Western Bakeries’ stake in Modern Food Industries rose to 75%, Almarai said in a bourse statement today, May 9, 2021.

 

MFI is engaged in the production and sale of long shelf-life bakery products, under the brand name of “7Days”.

 

This transaction was fully financed from Almarai’s operating cash flows. The financial impact will be reflected in Q2 2021 results.

 

No related parties in this acquisition, the statement added.

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