Wednesday, Apr 10, 2013
(This story was originally published Tuesday.)
RIYADH (Zawya Dow Jones)--International Dairy & Juice Co., a joint venture between Saudi-based Almarai Co. (2280.SA) and PepsiCo, has agreed to acquire the 25% stake it doesn't already own in a Jordanian food processing company for 12 million Jordanian dinars ($17 million).
IDJ signed an agreement late Monday to increase its stake in Teeba Investment for Developed Food Processing Co. from 75% to 100% through the purchase of Alsafa Co.'s minority shareholding of 25% in the Jordanian firm, Almarai said in a statement posted on the Saudi bourse website.
The Gulf's largest dairy producer owns a 52% stake in IDJ, while the balance is held by PepsiCo.
"This simplified ownership structure will help the IDJ shareholders drive the Teeba investment forward," the company said.
Almarai earlier this week said that net profit in the first quarter rose 5.4% on year due to stronger revenue growth across all categories.
Write to Ellen Knickmeyer at ellen.knickmeyer@dowjones.com
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(END) Dow Jones Newswires
10-04-13 0347GMT
