ID :
16206
Sun, 08/17/2008 - 19:54
Auther :
Shortlink :
http://m.oananews.org//node/16206
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Almarai to buy Egyptian food company
in the Gulf Arab region by market value, agreed to buy International Company for Agricultural Industrialization Projects (Beeaty), anEgyptian dairy and juice products producer.
The acquisition of Beyti is part of a long-term strategy to expand outside of the six-nation Gulf Cooperation Council, Almarai said in astatement to the Saudi stock exchange on Saturday.
Beeaty is Arabic for “my environment.†Almarai to buy Egyptian food company 2 Riyadh Almarai has been diversifying its revenue sources through acquisitions, saying in July it would boost its investment budget to SR6 billion for the five years to 2013, according to a reportpublished today by Saudi Gazette.
The company has allocated earlier a budget of SR4.7 billion for thefive years until the end of 2011.
Almarai’s second-quarter profit jumped 42.3 percent rise on highersales after it expanded its business regionally.
In 2006, Almarai agreed to buy Western Bakeries and InternationalBakery Services Co.
The firm is also part of a group led by Kuwait’s Mobile Telecommunications Co setting up Saudi Arabia’s third mobile phonefirm, Zain Saudi Arabia.
The acquisition of Beyti is part of a long-term strategy to expand outside of the six-nation Gulf Cooperation Council, Almarai said in astatement to the Saudi stock exchange on Saturday.
Beeaty is Arabic for “my environment.†Almarai to buy Egyptian food company 2 Riyadh Almarai has been diversifying its revenue sources through acquisitions, saying in July it would boost its investment budget to SR6 billion for the five years to 2013, according to a reportpublished today by Saudi Gazette.
The company has allocated earlier a budget of SR4.7 billion for thefive years until the end of 2011.
Almarai’s second-quarter profit jumped 42.3 percent rise on highersales after it expanded its business regionally.
In 2006, Almarai agreed to buy Western Bakeries and InternationalBakery Services Co.
The firm is also part of a group led by Kuwait’s Mobile Telecommunications Co setting up Saudi Arabia’s third mobile phonefirm, Zain Saudi Arabia.
