Almarai to invest $1.1bn in poultry sector
Jeddah, June 21, 2011
Saudi Arabia's Almarai Co plans to invest 4 billion riyals ($1.1 billion) in the poultry sector, the Gulf's biggest dairy firm by market value said on Tuesday.
"This proposal was approved and will see the investment in the expansion of Almarai's poultry business by a total 4 billion riyals," Almarai said in a statement posted on the bourse website.
The investment will start to deliver benefits in 2012 and will be financed through the company's cash flow, the statement added.
Shares in Almarai had closed 0.3 percent up before the announcement was issued, outpaced by the index which climbed 1.3 percent. -Reuters