FINANCIAL NEWS

Saudi Savola buys more stake in Almarai for USD533m

18 Oct 2012

(MENAFN) Savola Group, a major player in the Saudi industrial sector, has increased its shareholding in Almarai Company to 36.5 percent, from a previous 29.95 percent, Reuters reported.

The group, which owns the largest sugar refinery in the Middle East, funded the USD533 million deal from its own cash reserves and Islamic loan financing deals with local banks.

Abdulraouf M Mannaa, group managing director at Savola said that the purchase was “in line with the group’s strategy of further growing its exposure in its core sectors, of which the foods sector is one of them”.

Savola earlier reported a 31.9 percent increase in third-quarter earnings to USD108 million from USD82.12 million a year earlier.

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