The European Bank for Reconstruction and Development (EBRD) has offered a $100m to Saudi dairy and soft drinks company Almarai Company to finance expansion in Egypt and Jordan. The funds will be used to increase production capacity for its Beyti and Teeba subsidiaries.
Almarai partners with PepsiCo in both Egypt and Jordan. Its subsidiaries Beyti (Egypt) and Teeba (Jordan) have been 52% majority owned by Almarai and 48% owned by PepsiCo via holding company International Dairy and Juice (IDJ) since 2009.
In Egypt, Beyti will use the loan to increase production capacity for both dairy and juice, while in Jordan Teeba will use the additional funds to support working capital.
IDJ acquired Beyti, which was founded in 1998, in 2009. Beyti produces a range of dairy and juice products, including plain and flavoured (UHT) milk, cream, flavoured yogurt, and a variety of juices – including Beyti Tropicana (PepsiCo is the brand owner of Tropicana). The company has more than 3000 employees.
