{"id":93062,"date":"2025-01-05T00:00:00","date_gmt":"2025-01-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/05\/savola-foods-exits-iran-in-sar-705-mn-play\/"},"modified":"2025-01-05T00:00:00","modified_gmt":"2025-01-05T00:00:00","slug":"savola-foods-exits-iran-in-sar-705-mn-play","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/05\/savola-foods-exits-iran-in-sar-705-mn-play\/","title":{"rendered":"Savola Foods exits Iran in SAR 705 mn play"},"content":{"rendered":"

Savola Foods \u2014 a wholly-owned subsidiary of Savola Group \u2014 is set to sell <\/strong>its entire <\/strong>business in Iran, valued at SAR 705 mn, to an unnamed foreign investor <\/strong>under a binding sale and purchase agreement, according to a filing to Tadawul<\/a>. The sale includes Savola\u2019s Iranian businesses in edible oils, seafood, baked goods and confectionery products.<\/p>\n

Savola Foods operates <\/strong>household brand names<\/a><\/strong> including Afia, Elmalkea, Italiano, and Rawabi, among eight others. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

IN CONTEXT- <\/strong>The divestment reflects Savola\u2019s ongoing exit from non-core markets, following similar sales in Morocco<\/a> and Iraq in 2023. The group says it\u2019s prioritizing growth-oriented investments in high-potential food markets as part of its broader strategy.<\/p>\n

Net gains + use of proceeds: <\/strong>\u201cThe difference between the transaction value and the book value of the operations in Iran, net of transaction costs, will result in an estimated gain amounting to SAR 2.8 mn.\u201d Savola Group will use the proceeds to strengthen its financial footing. <\/p>\n

Accounting adjustments for the parent company:<\/strong> The transaction will result in SAR 1.3 bn from foreign currency translation reserve and SAR 251 mn from minority interest transactions being moved from equity to the income statement. This will lead to a loss of SAR 1.6 bn on the transaction as of 30 November 2024.<\/p>\n

\n

IN OTHER M&A NEWS-<\/p>\n

#1- Tadawul-listed BinDawood Holding secured a non-objection decision for its <\/strong>SAR 444<\/a><\/strong>mn<\/a><\/strong>takeover of Zahrat Al Rawdah Pharma<\/a><\/strong> from the General Authority for Competition, it said in a filing to Tadawul<\/a>. The acquisition will allow BinDawood to include pharma products at its retail outlets, expanding its footprint in the health and wellness sector. Zahrat Al Rawdah will retain its brand identity post-acquisition.<\/p>\n

#2- Tadawul-listed <\/strong>Aslak eyes stake in Al Raeda: <\/strong>United Wire Factories (Aslak)<\/a> inked a non-binding MoU to acquire a 40% stake in Al Raeda Industrial Investment<\/a> through a share swap, it said in a disclosure to Tadawul<\/a>. The move will see Al Raeda\u2019s shareholders receive newly-issued shares in Aslak, according to an exchange ratio that will be decided on following the completion of valuation and due diligence processes. Aslak has six months to finalize the terms and lock in the transaction. No financial advisor has been appointed yet. <\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: BinDawood secured a non-objection certificate for its take-over of Zahrat Al Rawdah Pharma + Aslak eyes stake in Al Raeda<\/p>\n","protected":false},"author":1,"featured_media":93063,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","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":[10,14,706],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam-ksa","tag-ma-watch","tag-savola-group","wpautop","entry"],"acf":{"mongo_id":"fc96ab9b-4d74-4ce5-a340-406f53f88606","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/419.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Savola Foods exits Iran in SAR 705 mn play","related_issue":[93050],"teaser":"PLUS: BinDawood secured a non-objection certificate for its take-over of Zahrat Al Rawdah Pharma + Aslak eyes stake in Al Raeda","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.6b652c16-1997-409b-95d2-498f337b782d.mp3"},"yoast_head":"\nSavola Foods exits Iran in SAR 705 mn play - 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