Swicorp acted as exclusive financial advisor to The Savola Group on bid to acquire Saudi Geant stores

The deal will enable Savola's retail arm Azizia Panda to raise to eight from 7% its share of the Saudi retail market and would increase its turnover by 13%, the company said.

The MOU signed between the parties will give Alhokair Group, a diversified retailer group and commercial malls developer, the option to buy a 10% stake in Azizia Panda within three years of the closing of the transaction.

"The acquisition of the Saudi Geant stores represents a major milestone in Azizia Panda's long-term development plan and we are very proud to be associated with it,"

said Swicorp's Chairman, Mr. Kamel Lazaar, commenting on the transaction.

Azizia Panda, which is 80% owned by Savola and 20 per cent owned by private Saudi conglomerate Al Muhaidib Group, plans to have 120 stores by the end of 2010, double its level in 2008. Azizia Panda targets to reach a 10% market share within five years.

The deal with Alhokair Group is Azizia Panda's second acquisition in two years. In 2008, Swicorp also advised Savola on the purchase of Giant Stores from Al Muhaidib Group under a share swap deal.