Saudi Industrial Investment Group has announced that it has acquired a strategic 24% stake in Unibio International, a leader in bioprotein production technology sector for $70 million.

Headquartered in Roskilde, Denmark, Unibio is a specialist in fermentation technology, high mass transfer from gas to liquid, high yields and low KwH ( kilowatt hour) use.

The investment was made in two phases, wherein 9.9% of the shares was acquired initially, said Saudi Industrial Investment Group in its filing to the kingdom's bourse Tadawul.

This was followed by the second phase wherein the remaining 14.1% stake was bought after the Danish Government’s go-ahead for the foreign direct investment, it stated.

The funding for both the phases of the investment came from internal resources, it added.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).