International Dairy & Juice, a joint venture between Saudi firm Almarai and PepsiCo, has taken full control of Teeba Investment for Developed Food Processing Co.

IDJ signed an agreement yesterday (9 April) to raise its stake in the Jordan-based dairy group from 75% to 100% by purchasing the minority stake held by Alsafa Company for a total consideration of JOD12m (US$16.95m).

In an announcement to the Saudi stock exchange, Almarai – which holds a 52% stake in IDJ – said the “simplified ownership structure” would allow IDJ to “drive the Teeba investment forward”.