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31/12/2014 16:46 AST
Saudi Arabia's Takween Advanced Industries said on Wednesday it had agreed to buy a packaging unit of the region's largest food firm Savola Group for SR910 million ($242.5 million).
The firms reached agreement the price for Savola Packaging Company (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' approval, the statement said.
Savola said in July it had entered a non-binding agreement with Takween to sell its entire stake in Savola Packaging Company as it looked to focus on its core sectors of food and retailing.
Reuters
24/07/2016
TAKWEEN Advanced Industries Company submitted a request to the CMA to approve its capital increase by way of rights issue valued at SR600,000,000. The increase will be limited to registered sharehold
Saudi Gazette
12/03/2015
Saudi Arabia's Takween Industries has signed a SR1.3 billion ($346.6 million) Islamic loan with a group of local banks to fund the acquisition of Savola Packaging Company, it said on Wednesday.
Reuters
28/12/2014
Saudi Arabia's largest food firm Savola Group has entered into final negotiations with Takween Advanced Industries on the sale of Savola's packaging unit, Takween said on Sunday.
The two f
Reuters
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MAADEN | 59.45 | -0.05 (-0.09 |
| SABIC | 56.50 | -0.40 (-0.71 |
| SABICAGRINUTRIENTS | 118.80 | -0.80 (-0.67 |
| LIMEINDUSTRIES | 12.16 | 0.11 (0.91 |
| APICO | 36.92 | -0.08 (-0.22 |
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Trade Arabia
Financial Information Co.
Saudi Arabia