Savola Group, a Saudi publicly listed joint stock company, has announced the execution of a share purchase agreement for the acquisition of 51 percent of the Al-Kabeer Group, a frozen food company with operations across Saudi Arabia, the UAE, Oman and Bahrain.
Anees Ahmad Moumina, Savola Group CEO, said: “We are excited about the prospects of this transaction and adding a brand such as Al-Kabeer into our portfolio of leading consumer brands in regional food and retail sectors.”
Huda Al-Lawati, chief investment officer for Savola Group, said: “The partnership is in line with Savola’s strategy to expand its investment portfolio and enter attractive, value-added categories within the overall food sector. The frozen food segment is forecast to continue growing, propelled by the increasing drive toward value and convenience.”
Anees Ahmad Moumina, Savola Group CEO, said: “We are excited about the prospects of this transaction and adding a brand such as Al-Kabeer into our portfolio of leading consumer brands in regional food and retail sectors.”
Huda Al-Lawati, chief investment officer for Savola Group, said: “The partnership is in line with Savola’s strategy to expand its investment portfolio and enter attractive, value-added categories within the overall food sector. The frozen food segment is forecast to continue growing, propelled by the increasing drive toward value and convenience.”
