Savola completes sale of 2% stake sale in Almarai

Savola Group, Saudi Arabia’s largest food producer, has completed the sale of a 2 percent stake, or 16 million shares in Almarai Co.

A total profit of SAR 694.1 million will be recorded in Q3 results, the Group said in a statement to Tadawul.

Savola’s stake in the Gulf’s top dairy producer has dropped to 34.52 percent from 36.52 percent.

Last week, Savola Group said it completed an accelerated book-building process with HSBC to sell 2 percent of its stake in Almarai with a set price per share of SAR 70, for a gross total of SAR 1.12 billion, Argaam reported earlier.