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Savola Group — Major Shareholding Notification 2012
Oct 17, 2012
53290_rns_2012-10-17_cd773c49-2746-4886-b6cb-1dc48f6cf107.html
Major Shareholding Notification
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The Savola Group Announces its Acquisition of Additional Shares in Al-Marai Company
2050 · 17/10/2012 09:00:41 · Announcement #27368 · View on Saudi Exchange
The Savola Group Announces its Acquisition of Additional Shares in Al-Marai Company
Savola Group (the Group) is pleased to announce the acquisition of additional shares in Almarai Company for a total cash consideration of SAR 2 Billion. As a result, the Groups shareholding in Almarai Company has increased from 29.95% to 36.52%, the transaction was executed on 16th October, 2012. The transaction has been financed from a combination of operational cash flows and Islamic banking facilities from the local banks. The financial consultant for this transaction was SAMBA Capital.
Dr. Abdulraouf M. Mannaa, the Group Managing Director, mentioned that the acquisition of additional shares in Almarai Company is in line with the Groups strategy of further growing its exposure in its core Sectors, which Foods sector is one of them and is consistent with its previous actions of increasing its shareholding in Almarai Company from 26.5% to 29.95% during 2010.
It is worth to mention that the Group has been a long term investor in Almarai since 1991 and believes that additional investment is in line with Groups focus on growing the Foods business and increase its operational presence in GCC markets.
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.