Savola Azizia United Co., a Saudi food producer, agreed to buy Al-Hokair Group’s 7 percent stake in Azizia Panda United Co. in a stock transaction valued at 297.6 million riyals ($79.4 million).
Savola Azizia plans to issue 8.7 million shares to pay for the holding, the company said in a statement on the Saudi bourse today. The amount represents 1.6 percent of Savola Azizia’s capital and is based on its share price at 34.2 riyals, according to the statement.
Jeddah-based Savola Azizia, which has 113 outlets in Saudi Arabia, is expanding its businesses to meet rising demand from a growing population in the Arab world’s biggest economy. In August, the company agreed to buy Al-Muhaidib Holding’s 18.6 percent stake in Azizia Panda and a 10 percent stake in Savola Foods Co., in return for raising Al-Muhaidib’s stake in Savola Azizia to 15 percent.
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