Aug 26 2010 |
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Swicorp Acted as Exclusive Financial Advisor on USD 330m Share Swap Between Savola Group and Al Muhaidib Group
Riyadh, Saudi Arabia- 26 August 2010- Swicorp acted as exclusive financial advisor on the USD 330m share swap between The Savola Group and the Al Muhaidib Group . The share swap will enable Savola to take complete control of its edible oil and sugar subsidiary and boost its control over the retail business. It will also enable Al Muhaidib Group to become the largest shareholder of Savola with a 14.8% stake from its current ownership of 8.4%."This swap is an important milestone in
Savola
's long-term strategy to further focus on its core businesses and streamline its ownership structure" commented Kamel Lazaar, CEO and Chairman of
Swicorp
, adding that "the transaction will also enable
Al Muhaidib Group
, a long-standing business partner of
Savola
, to consolidate its position at
Savola Group
level".
Savola
will issue 37.63 million shares representing 7.5% of its capital to acquire
Al Muhaidib
's minority positions in
Savola
Food Company and Azizia Panda United. The transaction is subject to regulatory approvals.
Swicorp also acted as exclusive financial advisor on the previous share swap between Savola and Al Muhaidib Group which enabled Savola to acquire the Giant Stores retail chain.
Swicorp
is a financial advisory firm specifically focused on the MENA region and regulated by the Capital Markets Authority of Saudi Arabia.
-Ends-
Swicorp is a leading corporate finance advisory, private equity and principal investment firm with a specific regional focus on the Middle East and North Africa (MENA) region.
Founded in 1987 and licensed by the Capital Market Authority of the Kingdom of Saudi Arabia, and the Dubai Financial Service Authority of the United Arab Emirates, Swicorp has an extensive track record of pioneering M&A and Advisory transactions across the MENA region over the last 20 years. Swicorp has also developed into one of the leading players in the Private Equity sector in the MENA region, raising nearly US$ 1.4 billion in funds from investors since 2004.
For more information, please contact:
Kalthoum Marzouk
Marketing
E-mail: kmarzouk@swicorp.com
© Press Release 2010
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