The Savola Group Announces that its subsidiary, Savola Foods Company, completed the acquisition of Bayara Holding Limited.
|Introduction||Further to the Savola Group previous announcements in Tadawul regarding the subject, the Group would like to announce that its wholly owned subsidiary Savola Foods Company, completed the acquisition of 100% of Bayara Holding Limited, after obtaining the No-objection Certificate with respect to the economic concentration from General Authority for Competition (GAC).|
|Acquisition Procedures Conclusion Date||2021-10-14 Corresponding to 1443-03-08|
|Summary of Acquisition / Purchase||- The acquisition of 100% of Bayara Holding Limited. |
- The acquisition was paid in cash.
- The transaction consideration of USD 260 million (SAR 975 million)
|Related Parties||There are no related parties in this transaction.|
|Financial Impact||The impact of the transaction is expected to be reflected on the Group’s financial results as of the 4th quarter of 2021.|
|Ownership and Legal Documents Transfer Conclusion Date||2021/10/14|
|Additional Information||Bayara Holding Limited is a leading packaged food company based in the United Arab Emirates offering range of nuts, spices, dried fruits, pulses and snacks. Bayara recorded net sales of approximately SAR 420 million for a twelve-month period ending in March 2021 with a healthy mid-teens EBITDA margin.|
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.