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FINANCIAL NEWS
Savola acquires 78% stake in two Egyptian firms
18 Oct 2011
(MENAFN) Saudi-based Savola Group unveiled an agreement to buy a 78 percent stake in two Egyptian firms for a total of USD98 million, reported Arabian Business.
The company said the acquisition of the stakes in Egypt’s Al-Malika and Al-Farasha firms will be self-financed.
The two companies are specialized in manufacturing and marketing pasta inside and outside Egypt and have two factories in Egypt with yearly output capacity of 120,000 tons and a 30 percent market share, according to Savola.
It is worth mentioning that Savola owns 29.9 stake in Almarai Co, the Middle East’s largest dairy firm by market value.
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