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FINANCIAL NEWS
Saudi Savola to invest USD 100mn in Egypt subsidiary
30 Mar 2016
(MENAFN) Saudi Arabia’s main food products firm, Savola Group proclaimed that it will invest USD 100mn in one of its indirect subsidiaries in Egypt.
Moreover, the investment in United Sugar Co. of Egypt (USCE) will involve a fresh juice injection of USD 50mn, as well as existing debt of USD 50mn to equity.
In addition, the firm’s share in USCE will be reduced from 19.32 percent to 10.37 percent, while an indirect Savola subsidiary will cut 56.65 percent to 30.42 Pct.
The European Bank for Reconstruction and Development (EBRD) will invest in 33 projects, with a cumulative investment of USD 1.9bn.
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