News
Savola Group to buy edible oil firms to up global share
Saudi Savola Group plans to buy edible oil companies, as part of a drive to increase its global market share to 10 per cent in five years from 2.0 per cent now, a Saudi newspaper reported on Sunday.
Savola wants to take advantage of the departure from the market of producers such as Unilever, Savola CEO Sami Baroum said, according Arab News.
Last year, Savola produced 1.7 million tonnes of branded cooking oil, Baroum said, according to the newspaper. Baroum was not immediately available for comment.
Savola also plans to buy farmlands in Sudan and Egypt to cultivate oilseeds, including sunflower and corn, Arab News said.
Baroum said last month the firm plans to spend $100 million buying stakes in agribusiness in Ukraine, Brazil or Egypt.
Savola wants to take advantage of the departure from the market of producers such as Unilever, Savola CEO Sami Baroum said, according Arab News.
Last year, Savola produced 1.7 million tonnes of branded cooking oil, Baroum said, according to the newspaper. Baroum was not immediately available for comment.
Savola also plans to buy farmlands in Sudan and Egypt to cultivate oilseeds, including sunflower and corn, Arab News said.
Baroum said last month the firm plans to spend $100 million buying stakes in agribusiness in Ukraine, Brazil or Egypt.