Almarai Company purchases farm land worth SR 119.3m in California

Almarai Company announced that it has completed, on January 8th 2015, the purchase of 1,790 acres of farm land, worth SR 119 .3 million in Blythe, California, United States of America, through its fully owned subsidiary Fondomonte, California LLC. ; 1,590 acres are currently cultivated within the total land subject to this transaction.

The Company said in a statement published today on Saudi Exchange market site "Tadawul", ''This transaction forms a part of Almarai's continuous efforts to improve and secure its supply of the highest quality alfalfa hay from outside Kingdom of Saudi Arabia to support its dairy business. It is also in line with the Saudi Government direction in this regard. In addition to this purchase, Almarai is committed to invest into the necessary infrastructure, including a bailing system and logistics and transportation equipment necessary for the efficient supply of alfalfa hay from its US based facility into the Kingdom''.