Sep 28 2010 |
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Swicorp Acting as Exclusive Financial Advisor on Proposed SAR 298m Share Swap Between Savola Group and Alhokair Group
Riyadh, Saudi Arabia- 28 September 2010- Swicorp is acting as exclusive financial advisor to Savola on the conditional SAR 298m share swap between The Savola Group and the Alhokair Group . The share swap will enable Savola to take the full control of Azizia Panda United and was approved by the Savola Board of Directors on 21st September 2010.Savola will issue 8.71 million to acquire Alhokair Group 7% minority position in Azizia Panda United.
Moreover, Savola will pay SAR 20.7 m in cash to Alhokair in exchange for the latter's forfeit of the right to acquire 3% of Panda over 3 years as set forth in the agreement between the two parties announced through Tadawul on 12th October 2009.
The shares which will be issued to Almuhaidib and Alhokair under the two proposed swap transactions will represent 8.48% of Savola 's share capital post capital increase. Both transactions remain subject to regulatory approvals and to the endorsement by Savola 's Extraordinary General Assembly which shall be specially convened.
-Ends-
About
Swicorp
:
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.
From its headquarters in Riyadh and regional offices in Jeddah, Geneva, Tunis, Dubai and Algiers, Swicorp provides a wide range of corporations and investors with independent advice and assistance on key strategic and financial issues.
For more information, please contact:
Kalthoum Marzouk
Marketing
E-mail: kmarzouk@swicorp.com
© Press Release 2010
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