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|| Saudi firm Almarai buys Argentina firm for $83 million

almarai.jpgSaudi Arabia's Almarai, the Gulf's biggest dairy firm by market value, acquired Fondomonte which owns and operates farms in Argentina for $83 million.

Fondomonte is comprised of three farms totaling 12,306 hectares and is dedicated to the production of corn and soybean.

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More details follows

On Tuesday 20th December 2011, Almarai Company (Almarai) acquired 100% of the shareholding of Fondomonte S.A., a company that owns and operates three farms in Argentina. The transaction is in line with the direction of the Saudi Government towards securing supplies and conserving local resources and forms part of Almarais continuous efforts to improve our supply chain and ensure access to the highest quality feed for both our dairy herd and poultry business.

The transaction value is SAR 312 million and is financed from a combination of operational cash flows and Islamic banking facilities (Murabaha).

Fondomonte S.A. is comprised of three arable farms totaling 12,306 hectares and is dedicated to the production of corn and soybean. The systems used are state of the art and the management team has consistently delivered above average performance.

This initiative forms another step in Almarais strategy of securing its supply of farm feed.

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