Riyadh – Mubasher: Saudi Arabia’s Almarai on Tuesday announced purchasing stakes of some partners in Pure Breed company at a combined value of SAR 20.3 million.
The acquired stakes represent 14% of Pure Breed’s capital, while the Gulf's largest dairy company raises its stake in the firm to 55.9%, according to a statement to the Saudi Stock Exchange (Tadawul).
The deal will be financed through Almarai’s operating inflows, the Tadawul-listed firm said.
Almarai had previously reported a 4.29% decline in its net profits to SAR 513 million in the fourth quarter of 2017, compared to SAR 536 million in the same quarter a year earlier.
For the full-year 2017, the Saudi dairy firm’s net profits rose 1.58% to SAR 2.18 billion, up from SAR 2.15 billion in the year before.
Al Marai’s stock shed 0.11%, closing Monday at SAR 54.20.
