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Panda merges with Giant Stores
- Saudi Arabia: Wednesday, February 27 - 2008 at 08:07
Saudi food group Savola has agreed to merge its Al Azizia Panda Company chain of supermarkets with Saudi Arabia's The Giant Stores Company, which is owned by the Abdul Kadir Al-Muhaidib & Sons Group, reported Reuters. Savola Chief Executive Sami Baroum said his company will own 80% of the venture and The Giant Stores the remainder. Combined, the units will have sales of about 5 billion riyals ($1.33bn) per year, Baroum said.
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Jeff Florian, Senior ReporterWednesday, February 27 - 2008 at 08:07 UAE local time (GMT+4)
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