Shemen Industries has signed an agreement to acquire 25% of Gilad Dairy for NIS3.5m (US$900,000), plus a NIS2.5m owner's loan.

Through the acquisition Shemen is returning to the soy market, after terminating its partnership in this sector with Strauss-Elite early this year.

Shemen will give Gilad Dairy unused soy processing equipment from the company's discontinued soy division.

The owner's loan is proportional to the shareholders stake, and will be used to set a company to supply Gilad Dairy with raw materials.

Shemen shareholders also have a six-year option to buy Gilad for NIS5.6mn worth of shares to be allocated to the company.