Saudi Arabia's Almarai Co., the largest dairy food company in the Gulf region, Saturday said it has transferred the ownership of its 75 percent stake in Jordan's Taiba Investment and Advanced Food Co. to International Dairy and Juice Ltd., or IDJ--its joint venture with PepsiCo Inc.(PEP). The stake was transferred at cost price to IDJ which is 48 percent owned by Almarai and 52 percent by PepsiCo, Almarai said in a statement on the Saudi bourse website. In January, Almarai said it has completed the acquisition of Taiba for SR290 million ($77.3 million) and that it will commit to repay Taiba's debts to banks and creditors estimated at about SR85 million. This will be IDJ's first project, Almarai said in its Saturday statement. In February, Almarai said that IDJ will focus on investments in South East Asia, Africa and the Middle East.
