Taiba shareholders approve acquisition of Savola’s stake in KEC for $122m

  • 9/14/2022
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RIYADH: Taiba Investments Co. received its shareholders" approval to purchase all stakes owned by Savola Group in Knowledge Economic City Co. for SR459 million ($122 million). Savola owns an 11.47 percent stake in KEC — a direct ownership of 6.40 percent and an indirect ownership of 5.07 percent — through Knowledge Economic City Developers, according to a bourse filing. The deal comes in line with Savola’s plans to exit investments in non-core sectors in order to focus on its main operations in the food and retail sectors, Savola said in a separate statement.

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