Saudi Arabia's Savola Group has appointed JP Morgan to advise on its potential purchase of a stake in Kuwait Food Co (Americana), the Jeddah-based firm said.

Savola previously said in August it had held preliminary talks with one of Americana's largest shareholders about buying a stake in the rival food producer. At the time, Savola did not name the shareholder, but Kuwait's Al-Kharafi family owns 67 per cent of Americana, according to Reuters data.

In Tuesday's bourse statement, Savola also said it had not yet signed any agreement to invest in Americana. - Reuters