News: Saudi Arabia

Saudi Arabia: SAVOLA SELL ALMARAI STAKE

Saudi Arabian food maker Savola Group, the country’s largest food products company, are selling a 2% stake in Almarai, the Gulf’s largest dairy company for 1.12bn riyals (US$307.6m). The sale was conducted through an accelerated bookbuilding process, which will cut Savola’s stake in Almarai to 34.52%. Saudi retailers have been struggling due to lower consumer spending as the kingdom’s economy has felt the fallout from reduced government spending linked to smaller oil revenues.