- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:50 06:04 12:14 15:39 18:19 19:33
Almarai will pay $115 million to buy Egyptian company Beyti. (EB FILE)
Saudi-based food company Almarai said it has agreed to buy Egyptian firm Beyti for $115 million (Dh422m), allowing a new joint venture with Pepsico to set foot in the Arab World's most populous nation.
Almarai agreed to buy 100 per cent of Beyti, also known as International Company for Agro-Industrial Projects, for EGP645m, Saudi Arabia's largest dairy company by market value said in a statement.
The price tag also includes a 75-hectare piece of land, it added.
Egyptian markets fall under the work perimetre of the International Dairy and Juice Company (IDJ). Almarai and Pepsico announced in February the creation of IDJ, in which the Saudi firm holds a 48 percent stake.
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