Savola previously owned a 70 per cent stake in the plastics company through its subsidiary Savola Packaging Systems.

The company is planning to invest SR9bn ($2.4bn) in other businesses, with strategic partners supplying an additional SR9bn. The company is targeting the petrochemicals, real estate and IT sectors.

The bulk of Savola Group’s existing holdings are in food, packaging and retail businesses based in Saudi Arabia.

It also has holdings in Jordan’s Madarak for Financial Investments and 100 per cent ownership of the UAE’s Tayseer food company. It purchased Turkish edible oils company Yudum in December.