Almarai subsidiary acquires 25% in Modern Food Industries for SAR 250 mln

07/02/2022 Argaam

Almarai headquarters

Almarai Co.’s subsidiary, Western Bakeries Co., acquired an additional stake of 25% in Modern Food Industries (MFI) – an affiliate - for SAR 250 million, according to a bourse filing.

 

The stake was owned by Chipita Saudi Arabia Limited.

 

Accordingly, Western Bakeries Co. now owns 100% of the MFI share capital. The acquisition will enhance the company’s presence in the industry, in line with Vision 2030, to boost food security and local content.

 

The acquisition was fully financed from Almarai’s operating cash flows. The relevant financial impact will appear on financial statements as of Q1 2022. The deal included no related parties, the statement added.

 

MFI manufactures and sells bakery products, under the brand name of 7DAYS.

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