Saudi Savola completes Geant purchase deal
Riyadh, October 13, 2009
Saudi Savola Group said its 80-per cent owned retail arm has completed the purchase of some assets held by supermarket chain Geant Saudi Arabia for cash and stock.
The retail arm, Al-Azizia Panda, bought the unspecified assets from Fawaz Al-Hokair Group for 248.6 million riyals ($66.3 million) in cash in addition to a 7 percent stake in Al-Azizia Panda, it said in a statement.
Private al-Muhaidib Group holds a 20 percent stake in Al-Azizia Panda.
In July, Savola signed an agreement with Alhokair to buy 11 Geant supermarket outlets in the kingdom, in its second retail acquisition since 2008.-Reuters