Savola gets approval for acquisition of Al Kabeer Group

17/12/2018 Argaam

 

The Saudi General Authority for Competition (GAC) approved the planned acquisition of a 51 percent stake by Good Food Co., a wholly-owned subsidiary of Savola Group, in Dubai-based Al Kabeer Group, it said in a statement on Monday.

 

On May 6, 2018, the edible oil producer signed a binding share purchase agreement to acquire 51 percent of Dubai-based Al Kabeer Group for SAR 571 million, Argaam reported.

 

Last November, Savola said its wholly-owned subsidiary will complete the planned acquisition by the end of Q4 2018.

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