Gulf's biggest dairy firm announces plan to expand poultry business; to be financed through cash flow
Saudi Arabia's Almarai Co plans to invest SR4 billion ($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.retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.