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06 December 2023

Saudi Savola eyeing Egypt edible oil firms

By Agencies


Saudi conglomerate Savola Group is looking for acquisitions among Egyptian edible oil firms to take advantage of the country's large population, its vice president was quoted as saying on Thursday.

Savola, which agreed to pay 51.7 million riyals ($13.8 million) to raise its stake in an Egyptian plastics manufacturer this month, will also open a sugar plant with an annual capacity of 750,000 tonnes in Egypt next month, Ayman Hashem was quoted as saying in Egypt's Al Alam Al Youm daily.

The company has investments worth about 700 million riyals in the most populous Arab country, he said.

Hashem did not say which firms Savola may buy. Savola said in November it bought Turkish edible oils firm Yudum Food for 200 million riyals.

Savola has earmarked 18 billion riyals for expansion in North Africa and Central Asia, its chief executive Sami Baroum said in June. (Reuters)