Kraft Foods has signed an agreement to acquire the remaining 50% stake of Moroccan biscuit manufacturer Biscuiterie Industrielle du Moghreb (BIMO).

The US food giant will purchase the remaining share from local investment holding National Investment Co (SNI) for MAD1.31bn (US$150m), Kraft said today (11 September).

Kraft said its operations in the Middle East and North Africa are “an important part” of its global business and overall strategy to grow in developing markets.

The group said it intends to continue to grow BIMO and its brands in conjunction with Kraft Foods’ broader Moroccan operations, which it says will “ultimately benefit BIMO and the Moroccan economy as a whole”.

“For several years, Kraft Foods and SNI enjoyed a strong and successful partnership in the jointly-owned BIMO, and this transaction is clearly aligned to fit our respective strategies,” said president of Kraft Foods Middle East & Africa, Lawrence MacDougall.

“I am excited about our business prospects in Middle East and Africa in general, and in Morocco in particular, where this agreement will serve to reinforce our position as ‘a global snacks powerhouse’ not only internationally but also in this region,” he added.

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Completion of the acquisition is subject to customary regulatory approvals.