Saudi beverage maker Aujan Industries Company plans to invest $100 million to launch production in Iraq, and expects no initial public offering before 2011, a company official said.

'We see a lot of potential in Iraq and that is why we have decided to invest $100 million there in 2010 to 2011,' Kamel Abdallah, Aujan's executive vice chairman, told reporters on the sidelines of a conference in Abu Dhabi on Monday.

In 2007, Aujan put on hold a planned IPO to raise up to SR800 million ($213.3 million) because of unfavourable market conditions.

'Strategically, right now is not the right time to be launching an IPO,' said Abdallah, adding that the company had no plans to list on any stock exchange before 2011.

The company - which owns three plants in Saudi Arabia, Iran and the UAE - plans to invest $50 million in each of its Iran and Saudi factories, Abdallah added.

'The next step for our expansion will be in Egypt and India put that will only happen after we have completed the Iraq project.'

This year, the company's sales are expected to reach $600 million, compared to $500 million in 2008. 'With the growth of population, demand has been good in our sector that's why the sales are looking positive this year,' Abdallah said.-Reuters