June 22, 2014 / 6:20 AM / 4 years ago

Saudi's Almarai, Pepsico to invest $345 mln in Egypt

DUBAI, June 22 (Reuters) - Saudi Arabia’s Almarai, the Gulf’s biggest dairy company, said on Sunday that a venture between it and U.S. soft drinks giant PepsiCo would invest about $345 million in Egypt over the next five years.

The investment would be conducted through Egypt’s International Company for Agro-Industrial Projects, a subsidiary of International Dairy & Juice Ltd, which is owned 52 percent by Almarai and the remainder by Pepsico.

Details of the investment were to be announced later on Sunday, Almarai said in a statement. (Reporting by Andrew Torchia; Editing by Olzhas Auyezov)

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