Savola Group, one of the top food products companies in Saudi Arabia, is selling a 2 per cent stake in Almarai, the biggest dairy firm in the Arabian Gulf, a deal that could help boost Savola'ssagging income.
The sale of 16 million Savola shares in Almarai at 70 riyal a share will yield 1.12 billion riyal (US$307.6 million), the company said in a statement to Saudi Stock Exchange (Tadawul) where its shares are traded. The transaction will reduce Savola’s shareholding in the dairy company from to 34.52 per cent from its current level of 36.52 per cent.
Savola, whose business interests also span across agriculture and retail sectors, said the deal is being done through an accelerated book-building process. The completion of the transaction remains subject to the successful execution of the special trades settlement.
HSBC Saudi Arabia is working on the deal as broker and bookrunner, while Abuhimed AlSheikh AlHagbani in co-operation with Clifford Chance are the legal advisors on the transaction.
If the deal is completed successfully, Savola will record a profit of 694m riyal during the third quarter of 2017. Savola intends to use the proceeds of the sale for general corporate purposes, it said in the bourse filing.
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The deal could help Savola in boosting its weakening profitability amid slow economic growth. The company in August reported a 9.6 per cent drop in second quarter net income. Lower sales and reduced margins in the retail sector and a rise in losses in unnamed associate companies dented the company's net profit, it said in statement at the time.
Consumer spending in Saudi Arabia, Opec's top oil producer, has declined amid lower oil prices and slower economic growth, which has affected retailers in the region's biggest economy.
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Tottenham's 10 biggest transfers (according to transfermarkt.com):
1). Moussa Sissokho - Newcastle United - £30 million (Dh143m): Flop
2). Roberto Soldado - Valencia - £25m: Flop
3). Erik Lamela - Roma - £25m: Jury still out
4). Son Heung-min - Bayer Leverkusen - £25m: Success
5). Darren Bent - Charlton Athletic - £21m: Flop
6). Vincent Janssen - AZ Alkmaar - £18m: Flop
7). David Bentley - Blackburn Rovers - £18m: Flop
8). Luka Modric - Dynamo Zagreb - £17m: Success
9). Paulinho - Corinthians - £16m: Flop
10). Mousa Dembele - Fulham - £16m: Success
The biog
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
Naga
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EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
England's Ashes squad
Joe Root (captain), Moeen Ali, Jimmy Anderson, Jofra Archer, Jonny Bairstow, Stuart Broad, Rory Burns, Jos Buttler, Sam Curran, Joe Denly, Jason Roy, Ben Stokes, Olly Stone, Chris Woakes.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65
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Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
Leaderboard
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