Home Industry Saudi Savola Sells Kazakhstan Edible Oil Unit For $28.5m Savola said it has made a capital gain of SAR17 million from the sale. by Reuters May 25, 2014 Saudi Arabia’s Savola Group has sold its loss-making Kazakhstan edible oil business to a Russian company for SAR107 million ($28.5 million), the Riyadh-listed food producer said in a bourse filing on Sunday. Savola, which last month reported a 43 per cent rise in first-quarter net profit, has made a capital gain of SAR17 million from the sale, according to the statement, which did not identify the acquiring company. The Kazakhstan unit made a loss of SAR1.8 million in 2013 and its sale was part of a wider strategy to offload underperforming businesses, Savola said. The Saudi firm is a major producer of cooking oil, sugar and other foodstuffs. 0 Comments
