Savola says no material development in talks to buy Sanabel

Savola Group said in a bourse statement on Tuesday that talks to buy confectionery maker Sanabel Al-Salam did not lead to any material development.

The edible oil producer is still looking for other growth opportunities to enhance focus on core activities – namely the food and retail sectors – in line with its strategy.

Opportunities could include potential stake sales, acquisitions, or related investments.

Savola added that it would announce any material development later on, as per market regulations.  

On Monday, Riyadh-based sweets and confectionery-maker Sanabel denied media reports that the Tadawul-listed company was in talks to acquire the company for $300 million, Argaam reported.