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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