Apr 20 2010 |
more articles from
|
No change of strategy at Savola: Baroum
JEDDAH: Sami Baroum, who is stepping down as chief executive officer of Savola Group on June 30, said Monday that there would be no change in strategy under his successor."This is not a strategy of the manager. This is a strategy that was adopted by ( Savola 's) board ... They are convinced of it and support it and soon you will see a lot of concentration on this strategy of focusing on the (core) activities," he said.
Addressing a press conference at Savola office in Jeddah, Baroum said he felt it was time to retire but his association with Savola , one of the leading public companies in Saudi Arabia and in the region, will never end as he considers it "his home."
About his future plans, Baroum said he would "like to take rest" for the moment. But he would consider a job elsewhere like that of the president of Knowledge Economic City (KEC) in Madinah, of which he is the concept promoter. He also referred to the press comments in which it was said that he is tired of traveling between Saudi Arabia and the United States where his wife lives. He said smilingly that his wife was very much with him in Jeddah and that he was not going anywhere.
Savola is also active in retail through the Panda supermarket chain, a leader in Saudi Arabia.
To mobilize some funds, Savola is waiting for "the right time" to sell off some assets once their value improves, he said. "In the real estate we have large assets that are valued, in our books, at a lot less than their fair market value."
The group is keeping its focus on food and retail to lead growth in the coming years. "So we expect growth to pick up quickly," he said. "I expect Savola to enter an era of faster growth, especially since now there is a clear focus on the main activities," he added.
He said mergers and acquisitions were part of the company's strategy. The company will consider cases for acquisition depending on opportunities.
Baroum released Savola 's performance reports and also talked about company's future plans. He said the company registered 104 percent jump in net profit during the first quarter.
© Arab News 2010
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment