A subsidiary of Saudi Arabian food group Almarai has increased its ownership in a bakery company.
Western Bakeries bought an additional 15% stake in Modern Food Industry for 150 million riyals ($40 million) from Olayan Financing Company, Almarai said in a filing on the Saudi Exchange on Sunday (May 9).
Modern Food Industry manufactures and sells long shelf-life bakery products under the brand 7Days.
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