Almarai Co. finalized its acquisition of an additional 37.6% stake in Pure Breed Poultry Co. for a total consideration of 52.9 million Saudi riyals, according to an Aug. 5 release.
Riyadh-based Pure Breed specializes in poultry broiler grandparent farming.
Almarai, a Saudi Arabian packaged foods producer, now holds a 93.5% stake in Pure Breed. It said the acquisition will help strengthen its position in the domestic poultry industry and secure its supply of poultry parent stock.
The company funded the deal from its operating cash flows. It said the financial impact will be reflected in the next quarter's financial results and added that there were no related parties in the transaction.
As of Aug. 5, US$1 was equivalent to 3.75 Saudi riyals.