Savola Foods acquires Egybelg assets for SAR 124.4 mln

Logo of Savola Foods

Savola Foods Limited, a subsidiary of Savola Group, acquired total assets of Egyptian Belgian Co. for Industrial Investments (Egybelg), with a value of EGP 622 million (equivalent to SAR 124.6 million).

Egybelg is a consumer goods firm that manufactures and distributes bakery goods. It owns a modern factory in Cairo, Asharq Business reported.

Savola plans to invest more than EGP 1.7 billion in Egypt until the end of 2024, including EGP 730 million to rehabilitate the newly acquired company and EGP 300 to EGP 400 million to upgrade factories and increase production capacity, Savola CEO Sameh Hassan said.

Savola’s target is that the snacks segment constitutes more than 10% of its revenues by the end of 2024, Hassan added, expecting the production of snacks in Egypt in to start by 2022-end and 2023-start.

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