Swicorp is acting as exclusive financial dvisor to Savola on the conditional SAR 298m share swap between The Savola Group and the Alhokair Group. The share swap will enable Savola to take the full control of Azizia Panda United and was approved by the Savola Board of Directors on 21 Savola will issue 8.71 million to acquire Alhokair Group 7% minority position in Azizia Panda United.
Moreover, Savola will pay SAR 20.7 m in cash to Alhokair in exchange for the latter's forfeit
of the right to acquire 3% of Panda over 3 years as set forth in the agreement between the
two parties announced through Tadawul on 12th October 2009.
The transaction follows the other conditional swap transaction announced on 23rd August
2010 through Tadawul whereby Savola will acquire Almuhaidib Group's current equity
participations in Panda and Savola Foods Company against 37,634,409 shares of Savola to
be issued.
The shares which will be issued to Almuhaidib and Alhokair under the two proposed swap
transactions will represent 8.48% of Savola's share capital post capital increase. Both
transactions remain subject to regulatory approvals and to the endorsement by Savola's
Extraordinary General Assembly which shall be specially convened.
Savola Group's Managing Director, Dr. Abdelraouf Mannaa, stated that this step will
represent an important milestone as a component of Savola's strategy of focusing and
consolidating the group's interests in the retail sector in addition to Food.
st September 2010.
