Savola Group, a Saudi publicly listed joint stock company, announces the execution of a share purchase agreement for the acquisition of 51% of the Al Kabeer Group, a frozen foods player with operations across the Kingdom of Saudi Arabia, United Arab Emirates, Sultanate of Oman and Kingdom of Bahrain.
Anees Ahmad Moumina, Savola Group CEO, noted “we are excited about the prospects of this transaction and adding a brand such as Al Kabeer into our portfolio of leading consumer brands in regional food and retail sectors”. He added, “Investment in Al Kabeer represents building on the main pillars of our strategic investments portfolio which spans food and retail sectors across the region”.
Huda Al Lawati, Chief Investment Officer for the Savola Group, noted “the partnership is in line with Savola’s strategy to expand its investment portfolio and enter attractive, value-added categories within the overall food sector. The frozen food segment is forecast to continue growing, propelled by the increasing drive towards value & convenience”.
Founded in 1978, Al Kabeer has grown to become one of the leading frozen food players in the GCC, with manufacturing presence in UAE and Saudi Arabia. The acquisition comes at the one-year anniversary of the inauguration of Al Kabeer’s factory in King Abdullah Economic City.
In this transaction, Savola appointed Farrelly & Mitchell as the financial advisor, PricewaterhouseCoopers as the financial & tax due diligence advisor, and Linklaters as legal advisor. The Seller appointed Alpen Capital as its financial advisor, and Afridi & Angell as legal advisor.
The share purchase agreement was entered into on May 6, 2018. It is the intent of both parties to close the transaction as quickly as possible.
Source: Saudi Gazette
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