Almarai finalizes acquisition of additional stake in poultry subsidiary

Almarai Co. has finalized the purchase of a 37.6 percent stake in subsidiary Pure Breed Poultry Co. for SAR 52.9 million, the foods producer said in a bourse statement on Monday.

The stake acquisition, from various shareholders, brings Almarai ownership in Pure Breed to 93.5 percent.

The deal has no related parties and was financed from Almarai’s own operating cash. Almarai expected it would have a financial impact on Q3 2019 results.

The move comes as part of Almarai’s plans to strengthen its position in the poultry industry, the statement said.