Following the trend of multinationals expanding in emerging markets, American confectionery Kraft Foods has agreed to pay Moroccan investment firm National Investment Co. (SNI) 1.31 billion dirhams ($151.7 million) to become sole owner of Morocco’s top biscuit manufacturer, Bimo, both companies said on Tuesday.

Kraft which had 50 percent share of bimo will double its holding with the acquisition of SNI’s stake.

According to Reuters, the transaction is expected to be completed within 6 months after which it would have passed through the necessary regulatory approvals.

Bimo, which is unlisted on the Moroccan bourse, was founded in 1981 and has two production stations with a total workforce of 1,400 staffs.

Morocco’s recent free trade deals have contributed to increased participation in the biscuit business with a crumbling effect on Bimo’s sales. In 2011, the company recorded 831 million dirhams ($96.4 million) in sales, accounting for 13 percent share of the north African nation’s biscuit market.