Almarai Expands Stake in Bakery Business in USD40m Deal
Saudi-based Almarai, through its Western Bakeries Company unit, has bought an additional 15% stake owned by Olayan Financing Company in Modern Food Industry (MFI), which is known for its long shelf-life pastries under the brand name “7Days.”
The transaction totaled SR150 million (USD39.9m), according to a recent stock exchange filing.
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A bumper year of sales and an increased focus on food security in the wake of the coronavirus pandemic is encouraging a wave of merger and acquisition activity across the booming regional food industry.
MFI was established in 2009 as a joint venture between Almarai and the Saudi conglomerate Olayan Group. It is known for its sales and manufacture of packed croissants, swiss rolls, and cake bars.