26 July 2009
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.
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
