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Saudi Arabia’s Almarai Company said it approved a 405 million riyal ($108 million) investment plan on Tuesday to expand its bakery segment.
The investment plan is set to be financed by the company’s internally generated cashflows. The plan aims to increase its fresh bakery capacity, as well as introducing new products.
The company is also seeking to enter the frozen bakery segment in Saudi Arabia and other markets, it said in a statement to Tadawul.
Earlier this year, the firm completed its acquisition of International Dairy and Juice Limited, its former joint venture with PepsiCo in Egypt and Jordan. It also acquired Bakemart in the UAE and Bahrain in 2021.
