Savola raises stake in Almarai to 36.5%
- Saudi Arabia: Thursday, October 18 - 2012 at 05:50
Saudi-based Savola Group has raised its share in food firm Almarai to 36.5% by purchasing shares worth SR2bn ($533m), Reuters has reported. The purchase, which increases its holding in the company from 29.95%, was "in line with the group's strategy of further growing its exposure in its core sectors, of which the foods sector is one of them," Abdulraouf Mannaa, group managing director at Savola, said. The deal was financed with Savola's own cash reserves and Islamic loan financing provided by local banks, the firm said.
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