JEDDAH, 11 July 2004 — As part of its expansion strategy in the Middle East, the Savola Group announced that on July 9 it successfully acquired a holding of 49 percent in Behshahr Industrial Edible Oils Development Company. It acquired the share in the Iranian company through its subsidiary Savola Edible Oils Company, with total investment of SR290 million. The deal has also given the Savola Group the right of managing the new entity.
This investment is one of the largest expansions undertaken by the Savola Group in the sector and will help the Savola Group double its annual sales in the sector, according to a Savola press release. The Behshahr Industrial Edible Oils Development Company is a market leader in Iran, with a 37 percent share in the edible oils market and annual sales of SR1.1 billion. It is to be renamed Savola Behshahr Company.