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FINANCIAL NEWS
Savola says to sell USD158m stake in property project
14 Sep 2014
(MENAFN) Saudi Arabia’s Savola Group has agreed to sell its entire stake in the Masharef project USD158.3 million to an affiliate, Arabian Business reported.
The company, a producer of cooking oil, sugar and other foodstuffs, will sell its 30.4 percent stake in the Jeddah- based real estate project to Kinan International Company for Real Estate Development.
Savola will book a net capital gain of USD49.84 million in the July-September period of 2014, with proceeds from the sale to be used to support the firm’s core businesses of food and retail.
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