In a major move a toward creation of an independent real estate company, the Savola Group has signed deals with the Consulting Center for Finance & Investment (CCFI) as the lead placement agent and Al-Khabeer Financial Advisors (KFA) as advisers on debt structuring. Subsequently, the financial advisors will place about SR700 million equity of the new company with private investors and also raise about SR1 billion debt for the new entity. Savola owns the largest retail chain with 50 stores spread across all major cities of the Kingdom and intends to create a world-class property investment and management company. Savola Group MD Dr. Abdul Raouf Mannaa, CCFI President Dr. Abdulaziz M. Al-Dukheil, and KFA President Ammar A. Shata signed an agreement on behalf of their respective organizations in Jeddah on Sunday. “This is a strategic move by Savola and we’re bringing an excellent portfolio of real estate assets for the investors,” Dr. Mannaa said. “The Savola Group is taking the initiative at the right time,” said Dr. Al-Dukheil. “Once again, Savola has taken the lead and maintained its tradition of innovation, both in introducing new products in business, as well as providing innovative investment instruments for investors,” Shata said. “The plan includes going for an IPO in a few years time,” said Savola Real Estate Division President Abdul Malik Fathaddin.
