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Tuesday, December 1 - 2009

Savola in deal for Turkish sugar plants

  • Saudi Arabia: Wednesday, October 14 - 2009 at 10:41

Saudi Arabia's second-largest food producer, Savola Al Azizia United, has announced the signing of an agreement to form a venture with Turkey-based Tarim Kredi and Saudi Arabia-based Nesma Group to buy Turkish sugar plants, Bloomberg has reported. Under the terms of the preliminary agreement, Savola and Tarim Kredi will each hold a 40% stake in the venture, while the Nesma Group will hold the remaining 20%. Savola and its partners plan to buy six sugar plants in Turkey, which are being sold by the Turkish government, the company said.

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