Savola Seeks $267m for Real Estate Firm

RIYADH, 22 November 2005 — Saudi Arabian food group Savola will seek to raise SR1.0 billion ($267 million) on behalf of private investors to fund a real estate development firm, the company said Sunday. A statement posted on the Saudi stock market website said Savola will transfer SR700 million worth of its real estate to the new company. Unspecified stakes in the new company will then be sold to private investors. The new firm is projected to become “a global firm specialized in real estate investment and management, the first of its kind in the Kingdom”, Savola said.