The acquisition marks Savola’s expansion into Turkey, where one million tonnes of edible oil are consumed annually. Yudum has a 25 per cent share of the Turkish market for sunflower and corn oil.
The purchase, which is still subject to regulatory approval from the Turkish Competition Board, is part of Savola Group’s plans to expand across the Middle East and central Asia. The company finalised its acquisition of a 5 per cent stake in Tameer Jordan Holdings Public Shareholding Company in September. In Jordan, it also has a stake in Madarak for Financial Investments. The vast majority of its existing holdings are in Saudi Arabia.