Savola takes over Egyptian firms
Jeddah, December 13, 2011
Saudi food group Savola has bought the remaining 22 per cent stakes in two Egyptian companies it acquired in October as part of a regional expansion, an official at investment bank HC Securities that managed the deal said on Tuesday.
In October, Savola paid a total 557 million Egyptian pounds ($92.5 million) for the 78 percent stakes in pasta firms Al-Malika and Al-Farasha.
'They did it in two steps... They completed the second step a few days ago and now they have 100 percent,' said Hussein Choucri, chairman of HC Securities and Investment.
'The total cost is $119.8 million,' Choucri told Reuters by telephone. Savola officials were not available for comment.
Savola owns the Middle East's biggest sugar refining business and is the top shareholder in Almarai Co, the region's largest dairy firm by market value.-Reuters