Saudi sweet-maker Sanabel Al-Salam denies acquisition talks with Savola

Riyadh-based sweets and confectionery-maker Sanabel Al-Salam has denied reports that Tadawul-listed Savola Group plans to buy its business.

Saleh bin Nasser Al-Farhan, chairman of Sanabel Al-Salam, told Argaam on Monday that the news is mere rumors.

Earlier today, Reuters reported that Savola, Saudi’s largest food producer, is in talks to buy the confectioner in a deal worth $300 million.

Sanabel Al-Salam was established in 1995 by Saleh Bin Nasser Al Farhan, who jointly owns the company with Dubai-based NBK Capital Partners, the private equity arm of National Bank of Kuwait. 

The sweet-maker, which has 104 branches across the Kingdom and a catering unit, became a closed joint stock company in 2012. It plans to go public in 2018, according to its website.