Almarai acquires a new stake in Pure Breed company
Saudi food and beverage producer Almarai has acquired a new stake of 37.6% in Pure Breed Company, a local poultry producer, according to a bourse filing released today. The transaction was worth $14.1 million and was fully financed from Almarai's operating cash flows. "The increase in shareholding will add to Almarai on-going efforts to further strengthen the poultry industry in Saudi Arabia and GCC, and secure its supply of poultry parent stock," the company said in a statement.
According to Salaam Gateway magazine, Almarai now owns 93.5 per cent of Pure Breed. The company’s poultry division was its best performer in the first half of 2019 when profits surged 36.2%.
Six months ago, Almarai has bought Premier Foods, a halal meat and poultry producer from Riyadh.