(MENAFN) Saudi Arabia's Savola Group has agreed to sell its entire stake in the Masharef project USD158.3 million to an affiliate, Arabian Business reported.
The company, a producer of cooking oil, sugar and other foodstuffs, will sell its 30.4 percent stake in the Jeddah- based real estate project to Kinan International Company for Real Estate Development.
Savola will book a net capital gain of USD49.84 million in the July-September period of 2014, with proceeds from the sale to be used to support the firm's core businesses of food and retail.
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