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Saudi- Takween to buy Savola packaging unit for SR910m
(MENAFN- Arab News) JEDDAH: Saudi Arabia's Takween Advanced Industries said it had agreed to buy a packaging unit of the region's largest food firm Savola Group for SR910 million.
The firms reached agreement the price for Savola Packaging Co. (Target) after due diligence but the purchase remains conditional on regulatory approval Takween said in a bourse statement. The purchase will be financed through a syndicate of Saudi banks to be announced later and conditional on Takween shareholders' approval the statement said.
Savola said in July it had entered a non-binding agreement with Takween to sell its entire stake in Savola Packaging Co. as it looked to focus on its core sectors of food and retailing.
The firms reached agreement the price for Savola Packaging Co. (Target) after due diligence but the purchase remains conditional on regulatory approval Takween said in a bourse statement. The purchase will be financed through a syndicate of Saudi banks to be announced later and conditional on Takween shareholders' approval the statement said.
Savola said in July it had entered a non-binding agreement with Takween to sell its entire stake in Savola Packaging Co. as it looked to focus on its core sectors of food and retailing.
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