FINANCIAL NEWS

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.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more

This site is registered on wpml.org as a development site.