Savola to sell stake in Masharef real estate project to Kinan for SAR 593.5 million

14/09/2014 Argaam

Saudi Arabia’s Savola Group has agreed to sell its  30.4 percent stake in Masharef real estate project in Jeddah for SAR 593.5 million to its affiliate, Kinan International Company for Real Estate Development, the company said in a statement to the Saudi bourse, Tadawul.

Kinan, which is 29.9 percent owned by Savola, will pay for the stake in 4 annual installments starting upon signing the contract this year.

Savola will make a net capital gain of SAR 187 million in the 3rd quarter of 2014. The proceeds will be used to enhance Savola’s core business, which is producing foodstuff like edible oil and sugar.  

Shareholders are yet to approve the transaction in the next board meeting, it added.   

 

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