Almarai board approves SAR 405 mln investment in bakery segment

Almarai Co.’s board in a meeting on Oct. 2 approved an investment plan of SAR 405 million to increase its fresh bakery capacity, introduce new products and enter the frozen bakery segment in Saudi Arabia and other markets.

The investment plan will enable Almarai to offer an expanded range of fresh and frozen bakery products to its consumers and allow broader coverage of the food services sector, the company said in a statement to Tadawul.

The increased capacity will further contribute to the Kingdom’s food security objectives of Vision 2030.

The investment plan will be financed by Almarai’s internal cash flows, the statement said, adding that the expected time to complete the investment is two years.