(MENAFN) Saudi Arabia's Savola Group has signed a non-binding agreement with Takween Advanced Industries 1201.SE to sell its packaging business as it plans to focus on its food and retailing business, according to Arab News.
Savola's net profit in the second quarter was estimated at USD136.9 million, which means a 32.4 percent growth.
Under the agreement, Savola Packaging Co. (SPC) will be fully owned by Takween, but the value of the acquisition wasn"t disclosed.
According to Savola's 2013 annual report, the packaging unit's consolidated net profit last year dropped to USD18.52 million compared to USD26.66 million in 2012, even though sales boosted by 6.3 percent.
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