Savola Azizia United Co., a Saudi food producer, agreed to buy Al-Muhaidib Holding’s 10 percent stake in Savola Foods Co. and its 18.6 percent stake in Al Azizia Panda United Co. to expand its food and retail business.
Savola, based in Jeddah, plans to issue 37.6 million preferential shares valued at 376.3 million riyals ($100 million) to pay for the stakes, the company said in a statement on the Saudi bourse website today. Savola said the amount represents 7 percent of its capital.
Savola, which has 113 outlets in Saudi Arabia, expanded its businesses to meet rising demand from a growing population in the Arab world’s biggest economy. In October, the company acquired the Saudi assets of Casino Guichard-Perrachon SA’s Geant superstores from Fawaz Abdulaziz Alhokair & Co.
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