Savola Group — Capital/Financing Update 2018

Nov 4, 2018

Savola Group Announces an update on The purchase of 51% of Al Kabeer Group of Companies for SAR 565.5 Million.

2050 · 04/11/2018 15:11:06 · Announcement #52501 · View on Saudi Exchange

Savola Group Announces an update on The purchase of 51% of Al Kabeer Group of Companies for SAR 565.5 Million.

Element List	Explanation
Introduction	With reference to the announcement made by Savola Group in Tadawul on May 6th, 2018 relating to the acquisition of 51% of Al Kabeer Group of Companies for SAR 565.5 Million, The Savola Group would like to announce that the Sellers of Al Kabeer Group of Companies have satisfied the conditions precedent related to the acquisition, the major of which were earlier disclosed in Tadawul as part of the previous announcement. Accordingly, both the parties are now proceeding to complete the procedures of transferring 51% shares from Al Kabeer Group of companies to Good Food Co. Ltd. (a wholly owned subsidiary of Savola, which was established for the purpose of this acquisition), as per the agreement between the two parties. It is expected that all the pending formalities including the share transfer will be completed before the end of fourth quarter of 2018.
Date of previous announcement	2018-05-06 Corresponding to 1439-08-20
Progress %	Not applicable
Expected completion date of the event	31/12/2018
Reasons for exceeding the announced end date	Restructuring of Al Kabeer Group of Companies
Expenses related to the event and whether it changed or not with the justification	Transaction amount increased to SAR 571 million due to registering higher profits after issuance of the combined financial statements
Impact of delay on the company’s financial results	No material impact
Additional Information	Savola Group will announce any material developments - if any - as and when they occurred.

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