Logo of Savola Group
Savola Group, in response to the recent media reports on the potential sale of its stake in Almarai Co., said it studies, as an investment holding company, some strategic options and opportunities to deploy and/or reallocate capital to maximize value for the shareholders.
In a statement to Tadawul, Savola said: “No decisions have been made at this stage in relation to the potential sale of a portion of its stake in Almarai.”
It, however, added this is one of such options under consideration and the group has appointed Moelis & Co. to advise on such an option.
There is no material development to disclose at this stage as per the regulations, the statement added, noting that any material updates will be announced.
Savola urged shareholders not to rely on news from unofficial sources, and obtain information from reliable sources such as Tadawul disclosures or Savola’s official website.
Savola owns 34.52% of Almarai, or 345.20 million shares at a market value of SAR 19.8 million as per the stock’s closing price on Oct. 16, data compiled by Argaam showed.
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