Saudi’s Savola Says Has All Approvals For Packaging Unit Sale

Saudi’s Savola Group has obtained all necessary approvals for the sale of its packaging unit and its subsidiaries to Takween Advanced Industries, it said on Tuesday.

Savola will book a capital gain in the first quarter of 2015 of 265 million riyals ($70.7 million) from the sale of Savola Packaging Co, according to the bourse filing.

Takween in December agreed to buy the packaging unit of the region’s largest food firm for 910 million riyals ($242.5 million), which included assuming the unit’s debt.

It signed a 1.3 billion riyal loan last week to help finance the acquisition and to provide working capital.

Source: Reuters