Jun 22 2011 |
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Saudi's Almarai To Spend SAR4B On Poultry Expansion
Wednesday, Jun 22, 2011
(This item was originally published Tuesday.)
RIYADH (Zawya Dow Jones)--Saudi Arabia's Almarai Co. (2280.SA), the region's largest dairy producer, said Tuesday its board of directors approved a plan to spend 4 billion Saudi riyals ($1.1 billion) to expand its poultry business.
"This increase in investment is part of Almarais long-term vision and will position the company to take full advantage of the opportunity within the poultry market," the firm said in a statement posted on the Saudi bourse website.
Almarai in 2009 completed a SAR949.5 million cash-and-stock acquisition of Hail Agricultural Development Co., or Hadco , the first successful takeover between two Saudi-listed firms. It plans to invest SAR2 billion to expand the Hadco business, and it will focus investments on raising Hadco 's poultry output fivefold to an average of 120,000 chickens an hour.
In December, Almarai said its shareholders approved a plan to double its capital to SAR2.3 billion via bonus shares as the firm continues to expand.
Almarai shares closed trading Tuesday 0.27% higher at SAR92.25.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
22-06-11 0356GMT
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