Savola to buy Al Hokair's stake in Panda

26 September 2010

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.

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