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  2. saudi takween to buy savola packaging unit for 910 mln riyals

saudi takween to buy savola packaging unit for 910 mln riyals

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By admin on Thu, 01/01/2015 - 20:24

dubai, dec 31 reuters saudi arabia&39s takween advanced industries said on wednesday it had agreed to buy a packaging unit of the region&39s largest food firm savola group for 910 million riyals 242.5 million.the firms reached agreement the price for savola packaging co target after due diligence but the purchase remains conditional on regulatory approval, takween said in a bourse statement.the purchase will be financed through a syndicate of saudi banks, to be announced later and conditional on takween shareholders&39 approval, the statement said.savola said in july it had entered a nonbinding agreement with takween to sell its entire stake in savola packaging co as it looked to focus on its core sectors of food and retailing.1 3.7523 riyals reporting by nadia saleem editing by andrew torchia&nbsp

httpsenmaktoob.news.yahoo.comsauditakweenbuysavolapackagingunit910mln055941097s…
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