Almarai Co, Saudi Arabia's biggest listed dairy firm, is studying more acquisition opportunities in Egypt after spending $115 million (Dh422 million) last month to buy an Egyptian company, a Saudi newspaper reported on Sunday.

Al-Madina newspaper cited Hatem Saleh, who heads the dairy division at the Egyptian Union of Industries, as saying Almarai was "preparing the conclusion of new expansion agreements in Egypt".

"Almarai is seriously studying expansion in dairy production mainly in addition to juices and baked products," he said.

Officials at Almarai, including Chief Financial Officer George Schorderet, could not be reached for comment.

Almarai has been diversifying its revenue through acquisitions and has earmarked SR6 billion ($5.9 billion) for investments up to 2013 to expand its business outside the Gulf Arab region.

The International Dairy and Juice Company (IDJ), a joint venture with Pepsico in which Almarai holds 48 per cent stake, bought Egyptian firm Beyti last month for $115 million.

Beyti was Almarai's second acquisition since December when it bought a 75 per cent stake in Jordanian dairy and juice firm Teeba for $126.4 million.

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Almarai eyes Egyptian acquisitions