Saudi Savola completes acquisition of Bayara Holding

The impact of deal to impact group's Q4 financials

  
Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020.

Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020.

REUTERS/Ahmed Yosri

Saudi Arabia's Savola Group said its wholly owned subsidiary, Savola Foods Company, completed the full acquisition of Bayara Holding Limited in a 975 million Saudi riyals ($260 million) transaction.

The impact of the deal will be reflected in the group's financial results for the fourth quarter 2021, the kingdom's largest food products company said in a statement on Tadawul Sunday.

Savola had set a five-year strategy to expand in its eight existing markets, particularly Saudi Arabia and Egypt, through the acquisition of existing entities and the launch of new products. It made a net profit of 200 million riyals for Q2-2021, 51 percent lower year-on-year.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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