Savola Group reports SAR 265 mln capital gains from Savola Packaging ​sale

31/12/2014 Argaam

Savola Group said on Wednesday that it acquired SAR 265 million in capital gains after selling its

packaging unit Savola Packaging Systems to Takween Advanced Industries for ​SAR 910 million.

The company had​ signed the deal with Takween on Tuesday​.

The group’s assets will decline five percent after the deal, the company said in a statement to Tadawul, Saudi’s bourse. However, its capital gains after the sale will be reflected in its 2015 financial results.

Savola added that there are no related-parties or any other information that may influence the price

​ of the transaction​.


The proceeds generated from the deal will be used to support Savola’s core food and retail businesses, as well as adjacent activities, the company added.

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