Almarai subsidiary completes Modern Food Industries acquisition for $67m

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

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