Saudi Arabia's Almarai Co, the Gulf's biggest dairy firm by market value, has acquired Fondomonte S.A which owns and operates farms in Argentina, to secure feed for its dairy herd and poultry businesses, it said on Wednesday.
"The transaction value is 312 million riyals ($83 million) and is financed from a combination of operational cash flows and Islamic banking facilities," Almarai said in a bourse statement.
Fondomonte S.A. has three farms totalling 12,306 hectares which focus on the production of corn and soy beans, the statement said.
"The transaction value is 312 million riyals ($83 million) and is financed from a combination of operational cash flows and Islamic banking facilities," Almarai said in a bourse statement.
Fondomonte S.A. has three farms totalling 12,306 hectares which focus on the production of corn and soy beans, the statement said.
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