Savola enters share swap deal with Al-Muhaidib

23 Aug 2010

(MENAFN) Saudi-based Savola Group said that it will take full control of its edible oil and sugar affiliate and boost its control over the retail business after a planned new share swap with family-owned Al-Muhaidib Group, Reuters reported.

Savola also said its board agreed to name as new chairman Sulaiman Al Muhaidib – who also chairs A-Muhaidib Group – to replace Adil Fakieh, recently appointed as new labor minister.

The transaction will make Al-Muhaidib Group Savola’s biggest shareholder with a 14.8 percent stake. Al-Muhaidib Group currently holds an 8.4 percent stake in Savola.

Savola will issue the equivalent of 7.5 percent of its capital in new shares – or 37.63 million shares – to take from Al-Muhaidib a 10 percent stake in Savola Foods and 18.6 percent in Azizia Panda United.

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