Saudi Savola, Takween in talks on possible plastic unit sale

07 Nov 2014

(MENAFN) Savola Group, Saudi Arabia’s largest food products firm, announced that they are going through talks with Takween Advanced Industries to discuss a potential sale of its plastics business, Arab News reported.

Savola said that it intends on selling its entire share capital in Savola Packaging Co. so that the company would retain its full focus on its core sectors of food and retailing.

Savola, which reported a 53.3 percent increase in its July-September net profit, is also currently in talks with Kuwait Food Company (Americana) over a potential deal to buy major stake in Americana.

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