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.