The Clap
Savola (2050), one of the biggest food industries companies in the Arab world, signed a binding agreement to sell its entire stake in Knowledge Economic City (KEC) and KEC Developers to Taiba Investments (4090) for SAR 459.26 million.
The Deets
Savola holds an 11.47% stake in Knowledge Economic City, split into 6.40% direct ownership and 5.07% indirect ownership through Knowledge Economic City Developers.
The agreement signed forces Savola to sell both stakes in the companies entirely.
Why this Matters
Savola intends to use the funds from the agreement to support and finance the company’s activities.
Savola sells stake in 2 companies 💰
