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Savola Group — Capital/Financing Update 2014
May 25, 2014
53290_rns_2014-05-25_5db5cf1d-ddfa-4cc0-af96-9b7aba11e7cc.html
Capital/Financing Update
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The Savola Group announces the sale of its operation of edible oil in Kazakhstan with an amount of SAR 107 Million
2050 · 25/05/2014 08:32:56 · Announcement #34694 · View on Saudi Exchange
The Savola Group announces the sale of its operation of edible oil in Kazakhstan with an amount of SAR 107 Million
The Savola Group would like to announce that on 22nd May 2014, it has sold its entire assets and operations of edible oils in the Republic of Kazakhstan by an amount equivalent to SAR 107 Million, to a Russian company operating in the same field, as a result of this transaction, the Group has achieved a capital gain of SAR 17 Million approximately. It is worth mentioning that this transaction will be reflected in the results of the second quarter, 2014 and the total proceeds will be utilized for financing the Group's development activities in the Foods Sector.
In this connection, Dr Abdulraouf M. Manna - CEO and Managing Director of the Group stated that, this step comes to further strengthening the Group's strategy, which aims to place more focus on its core business that achieve better returns to its shareholders and divest the least return business to take the advantage of its proceeds to support its existing core business; noteworthy, the Savola operation in Kazakhstan recorded (a net profit of SAR 0.8 Million for 2011, compared to SAR 4.6 million for 2012, and a loss of SAR 1.8 Million for 2013).
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.