RIYADH: Saudi-based dairy giant Almarai is looking to inject SR252 million ($67 million) as an initial investment to fund its entry into the seafood category.

The investment will be used to fund Almarai鈥檚 seafood processing facility, according to a bourse filing.

鈥淭his investment plan will expand Almarai's product offering and contribute to the food security agenda as per vision 2030,鈥� the company said.

The move was approved by the board of directors on June 13. They also approved investing SR153 million to secure parent poultry birds鈥� stock.

Almarai currently offers a vast product mix, encompassing dairy, juices, poultry, bakery, and infant nutrition, according to its website.