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.”
Savola buys 51% of frozen food player Al-Kabeer
Savola buys 51% of frozen food player Al-Kabeer
