{"id":83247,"date":"2024-02-08T00:00:00","date_gmt":"2024-02-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/08\/savola-looks-to-offload-almarai-raise-sar-6-bn-in-fresh-capital-to-focus-on-fresh-growth\/"},"modified":"2024-02-08T00:00:00","modified_gmt":"2024-02-08T00:00:00","slug":"savola-looks-to-offload-almarai-raise-sar-6-bn-in-fresh-capital-to-focus-on-fresh-growth","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/08\/savola-looks-to-offload-almarai-raise-sar-6-bn-in-fresh-capital-to-focus-on-fresh-growth\/","title":{"rendered":"Savola looks to offload Almarai, raise SAR 6 bn in fresh capital to focus on fresh growth"},"content":{"rendered":"

Savola Group is looking to grow by offloading dairy giant Almarai<\/strong>, raising SAR 6 bn in fresh capital, and exploring the possible IPO of Panda, its consumer retail arm. The food and retail investment group made the blockbuster announcement in a Tadawul disclosure<\/a> and press release (pdf)<\/a> yesterday. It also unveiled a website<\/a> to explain the transaction.<\/p>\n

Savola Group<\/a><\/strong> plans to offload its full 34.5% stake in <\/strong>Almarai<\/a><\/strong>, the region\u2019s largest dairy outfit. It is Almarai\u2019s biggest shareholder, followed by the Public Investment Fund, which holds a 16%<\/a> stake through one of its units. <\/p>\n

The divestment of Almarai will be a three-step process <\/strong>requiring regulatory approvals and shareholder votes at each turn. It wants to first raise SAR 6 bn through a rights issue to existing shareholders, then reduce its capital before distributing its Almarai shares to shareholders. In simpler terms: <\/strong>\u201cYou give me SAR 6 bn, then I\u2019ll give you my stake in Almarai.\u201d<\/p>\n

Savola is careful to point out that Almarai \u201chas been one of the most successful <\/strong>investments for Savola Group to date.\u201d <\/strong>It says the value of its investment in the dairy giant is up more than 100x since it invested back in 1991. <\/p>\n

Savola wants to \u201cunlock value\u201d <\/strong>\u2014 it doesn\u2019t think the market fairly values what it does or what Almarai does, writing in an FAQ that \u201cover the past years, Savola\u2019s market capitalization is approximately equal to the market value of its stake in Almarai.\u201dFor folks who like Almarai\u2019s story, it\u2019s a way to get direct exposure. And if you like Savola, buying Savola stock gives you direct exposure to its future growth prospects and starts to do away with the so-called \u201cholding company discount.\u201d <\/p>\n

What are those growth prospects? <\/strong>Savola is being cautious, but says it will use the proceeds from the rights issue to pay down debt and \u201cinvest in the growth of its portfolio companies.\u201d Savola says that it doesn\u2019t need the transaction to go through to meet its debt obligations. Look for it to deleverage before taking on fresh cash at optimized terms to fund its growth going forward. <\/p>\n

Why should you like Savola shares after it sheds Almarai?<\/strong> The group is nicely diversified with FMCG operations across Saudi, the Middle East, North Africa and Turkey \u2014 and it\u2019s looking to grow both organically and through M&A. It distributes food across 50 countries and has a portfolio of investments spanning consumer foods<\/a> and retail<\/a> (Panda and Herfy) as well as real estate, venture capital, and other sectors<\/a>.<\/p>\n

WHAT THEY SAID:<\/strong> Savola Group Chairman Sulaiman Al-Muhaidib said, \u201cThis unique transaction comes at an exciting moment in our four-decade history \u2026 The distribution of our stake in Almarai will provide our shareholders with direct exposure to one of the region\u2019s most loved and trusted food brands. Going forward, we will focus on investing in the growth of our core food and retail businesses, while continuing to review strategic options to realize value from portfolio companies that demonstrate attractive distribution and monetization potential<\/strong>.\u201d<\/p>\n

AND- Savola reported strong growth in profitability<\/strong> for FY 2023. We have the story in this morning\u2019s Earnings Watch, below. <\/p>\n

\n

PANDA IPO?<\/p>\n

AND- Savola is separately exploring the potential IPO of retailer Panda<\/strong>, saying the company has shown a \u201chealthy recovery in profitability\u201d after a recent store overhaul. Panda is now looking to grow both its brick-and-mortar and digital sales footprints. Panda is the largest grocery retailer in the Kingdom, operating supermarkets, hypermarkets, and distribution centers. It serves over 95 mn customers per year, according to its website<\/a>.<\/p>\n

Market reax:<\/strong>Savola\u2019s share price fell 3.9% to SAR 46.20 apiece on yesterday\u2019s close, whileAlmarai\u2019s share price declined 1% to SAR 59.00 per share. <\/p>\n

Background: <\/strong>Savola said in October 2023<\/a> that it has hired Moelis & Co. to advise on the prospects of selling its share in Almarai.<\/p>\n","protected":false},"excerpt":{"rendered":"

Savola is also looking into the possible IPO of Panda, its consumer retail arm<\/p>\n","protected":false},"author":1,"featured_media":83248,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[284,10,2689,14,599,2688],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-almarai","tag-enterpriseam-ksa","tag-investment","tag-ma-watch","tag-panda","tag-savola","wpautop","entry"],"acf":{"mongo_id":"72a0a6a6-ac0b-4ef8-96af-4a6472215804","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/699.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Savola looks to offload Almarai, raise SAR 6 bn in fresh capital to focus on new growth opportunities","related_issue":[83243],"teaser":"Savola is also looking into the possible IPO of Panda, its consumer retail arm","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.11a12825-8182-4974-8f46-3656448be7fb.mp3"},"yoast_head":"\nSavola looks to offload Almarai, raise SAR 6 bn in fresh capital to focus on fresh growth - 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