Savola Azizia will become the sole owner of Azizia Panda.
Saudi food producer Savola Azizia United Company has said it has agreed to buy Al-Hokair Group’s 7 per cent stake in Azizia Panda United Company in a stock transaction valued at SR297.6m ($79.4m), Bloomberg has reported. Savola plans to issue 8.7 million shares to pay for the holding. In August, the company agreed to buy Al-Muhaidib Holding’s 18.6 per cent stake in Azizia Panda and a 10 per cent stake in Savola Foods Company, in return for raising Al-Muhaidib’s stake in Savola Azizia to 15 per cent. After completion of the transaction, Savola Azizia will become the sole owner of Azizia Panda.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.