JEDDAH, 23 May 2007 — Saudi Arabian food group Savola has invited all shareholders willing to apply for board members to submit their applications by May 29, 2007.
The new board will be elected for a three-year term starting from July 1, 2007, following approval by the company’s general shareholders’ meeting.
Every holder of at least 1,000 shares can apply for a board position.
Savola (www.savola.com), established in 1977, merged with Saudi food retailer Al-Azizia Panda United in 1998.
Savola comprises retail, sugar, edible oil and investment divisions.
The company posted a profit of SR1.15 billion ($307 million) for 2006, down from SR1.2 billion ($320 million) for 2005.
It paid a cash dividend of SR93.7 million ($25 million) for the third quarter of 2006, equal to SR0.25 ($0.067) per share.