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Jul 26 2009

Savola buys into Geant

JEDDAH - Savola Group has signed a memorandum of understanding with Fawwaz Al-Hokair Group to buy some of the assets of Geant Supermarket Chain for SR440 million.

The purchase would be done through Al-Azizia Panda United , 80% of which is owned by Savola ; Al-Muhaidab Group holds the remaining 20%.

Savola 's Managing Director Dr. Sami Baroum said that the deal would increase Savola 's share of the SR96 billion Saudi retail market from 7% to 8%.

The company's goal is to corner 10% of the market within five years, he added.

© The Saudi Gazette 2009

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