Saudi Arabia's Takween Advanced Industries said on Wednesday it had agreed to buy a packaging unit of the region's largest food firm Savola Group for SR910 million ($242.5 million).

The firms reached agreement the price for Savola Packaging Company (Target) after due diligence but the purchase remains conditional on regulatory approval, Takween said in a bourse statement.

The purchase will be financed through a syndicate of Saudi banks, to be announced later and conditional on Takween shareholders' approval, the statement said.

Savola said in July it had entered a non-binding agreement with Takween to sell its entire stake in Savola Packaging Company as it looked to focus on its core sectors of food and retailing. - Reuters