Saudi Savola sells its business in Kazakhstan for USD28.5m

26 May 2014

(MENAFN) Saudi Arabia’s Savola Group has sold its loss-making Kazakhstan edible oil business to a Russian company for USD28.5 million, according to Arab News.

Savola could gain USD4.532 million in its capital in April after posting 43 percent growth in its first-quarter net profit.

The Saudi-based firm is a major producer of cooking oil, sugar and other foodstuffs.

The company said that its business in Kazakhstan posted a USD0.479 million last year.

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