Savola Group — Capital/Financing Update 2015

Mar 17, 2015

Further announcement by the Savola Group regarding the completion of all procedures relating to the sale of its entire shares in Savola Packaging System Company to Takween Advanced Industries

2050 · 17/03/2015 16:01:40 · Announcement #37665 · View on Saudi Exchange

Further announcement by the Savola Group regarding the completion of all procedures relating to the sale of its entire shares in Savola Packaging System Company to Takween Advanced Industries

Further to Savola Group (Savola) announcement on 31st December 2014 in relation to entering into an agreement with Takween Advanced Industries (Takween), regarding the sale of its entire shares in Savola Packaging Systems Company, (Transaction), at a total price of SAR 910 million, and its announcement dated 16 March 2015 regarding amending the articles of Savola Packaging Systems Company by transferring all shares to Takween, Savola is pleased to announce the satisfaction of all the conditions of the Transaction, obtaining all required approvals and completion of all required regulatory formalities for transferring all shares of Savola Packaging Company and its subsidiaries to Takween on 17/3/2015.

As a result of this transaction, Savola achieved a capital gain of SAR 265 million, which will be reflected in the financial results of first quarter, 2015.

In this connection Eng. Abdullah M. Noor Rehaimi - Group Managing Director & CEO confirmed that this Transaction is in line with Savola's strategy to focus on growing its core sectors (being food and retail) and Savola intends to use the proceeds of this transaction to grow and support these businesses.

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