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Current Position:Home » News » Condiments & Ingredients » Oil & Fats » Topic

Saudi Savola sells Kazakhstan edible oil unit for $28.5 mln

Zoom in font  Zoom out font Published: 2014-05-26  Views: 18
Core Tip: Saudi Arabia's Savola Group has sold its loss-making Kazakhstan edible oil business to a Russian company for 107 million riyals ($28.5 million), the Riyadh-listed food producer said in a bourse filing on Sunday.
Saudi Arabia's Savola Group has sold its loss-making Kazakhstan edible oil business to a Russian company for 107 million riyals ($28.5 million), the Riyadh-listed food producer said in a bourse filing on Sunday.

Savola, which last month reported a 43 percent rise in first-quarter net profit, has made a capital gain of 17 million riyals from the sale, according to the statement, which did not identify the acquiring company.

The Kazakhstan unit made a loss of 1.8 million riyals in 2013 and its sale was part of a wider strategy to offload underperforming businesses, Savola said.

The Saudi firm is a major producer of cooking oil, sugar and other foodstuffs.

 
 
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