Savola to invest EGP 1 bn in Egyptian Belgian Company

Saudi food conglomerate Savola plans to invest over EGP 1 bn in the Egyptian Belgian Company to increase production, CEO Sameh Hassan told CNBC Arabia (watch, runtime: 3:06). The company acquired the maker of Ole-branded baked goods for EGP 622.4 mn in June.

Savola has hiked prices aggressively since taking over: Savola has raised prices by 30-35% since it acquired the company in response to soaring local inflation and the devaluation of the EGP, Hassan said. Savola also recently acquired another snack food factory in Egypt, which will come online next year, he said.