Almarai, Saudi Arabia's largest food producer by market value, Wednesday said it has raised its stake in a joint venture with PepsiCo to 52 percent from 48 percent. According to a statement to the Saudi bourse, Almarai said it had increased its shareholding in International Dairy and Juice (IDJ) through “an additional equity contribution by $22.4 million”. IDJ was created in February 2009 between Almarai and PepsiCo, focusing on new business opportunities in dairy and juice products in the Middle East, Africa and Southeast Asia - excluding the GCC countries. “Through this change, both Almarai and PepsiCo are committed to making IDJ a successful and profitable venture,” it added. In December, the company acquired Fondomonte which owns and operates farms in Argentina, to secure feed for its dairy herd and poultry businesses.
