Saudi Arabia's food and beverages group, Almarai Company, said its board has approved a 405 million riyal ($108 million) investment plan to expand its bakery segment.

The investment plan will be financed by Almarai’s internally generated cashflows.

The plan envisages increasing its fresh bakery capacity, introducing new products and entering the frozen bakery segment in Saudi Arabia and other markets, the company said in a statement to Tadawul.

Early this year, the dairy producer completed the acquisition of International Dairy and Juice Limited, its former joint venture with PepsiCo in Egypt and Jordan.

In 2021, Almarai completed the full acquisition of Bakemart UAE and Bahrain.

(Writing by Brinda Darasha; editing by Seban Scaria)