Taiba shareholders approve purchase of Savola’s entire stake in KEC for SAR 459.3 mln

Logos of Savola, KEC and Taiba Investments

Taiba Investments Co.’s shareholders approved the buyout of Savola Group’s entire ownership in Knowledge Economic City (KEC) for SAR 459.3 million, during the ordinary general meeting (OGM) held on Sept. 13.

In a statement to Tadawul, Taiba said Savola holds 11.47% of KEC, including direct ownership of 6.40% and indirect ownership of 5.07% through its shareholding in Knowledge Economic City Developers Co. Limited. 

Savola's holds 11.47% in KEC, including direct ownership of 6.40% and indirect ownership of 5.07% through its shareholding in Knowledge Economic City Developers Co. Limited.

The deal included no preferential terms, the statement added.

Earlier in August, Taiba inked a binding agreement to acquire Savola Group’s entire ownership in KEC for SAR 459.26 million.

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