Savola Foods constantly studies investment opportunities for takeover, acquisition: CEO

Logo of Savola Foods Ltd. Co.

Savola Foods Ltd. Co., a subsidiary of Savola Group, is always assessing investment opportunities for possible takeovers or stake acquisitions, Asharq Al-Awsat newspaper reported, citing CEO Sameh Hassan.

The company is working on two tracks. The first is investments with continued expansion that along with increasing production capacity.  The second is the company’s foray into new activities, such as the acquisition of Egyptian Belgium for Industrial Investment (EgyBelg), and the expansions pursued earlier by the company, such as Bayara Holding in the UAE, the CEO explained.

He noted there is nothing to disclose at the moment as the company is not planning any acquisition or takeover, after closing the EgyBelg deal this year.

The focus now will be on the rehabilitation of EgyBelg as its assets have halted production for three years. Moreover, a total of EGP 730 million ($39 million) were allocated for the rehabilitation process over a three-year period.

The company plans to start production by 2022-end or early 2023, Hassan said.

Recently, Savola Foods fully acquired EgyBelg for a total of EGP 622 million (equivalent to SAR 124.6 million).