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Almarai Sees Poultry Paying Off in 2012

by 5m Editor
13 April 2010, at 10:41a.m.

SAUDI ARABIA - Saudi-based Almarai expects a SR2 billion ($533.3 million) investment plan in poultry business to start paying off in 2012, the firm said on Tuesday.

"These investments will be self-financed," Almarai said in a statement posted on the bourse's website.

According to Trade Arabia, last year, Almarai paid $253.2 million in cash and stock to complete its takeover of Hail Agricultural Development Co (Hadco) and enter the lucrative poultry business. Prior to this deal, the firm was focusing on dairy and fruit juices manufacturing.