Saudi Arabia-based Savola Group plans to raise the capital of Savola Foods from SR500 million ($133.34 million) to SR2.2 billion, representing an increase of 340 per cent, through self-financing via its shareholders inter-company account.

This move will increase the number of shares from 500,000 shares to 2,200,000 shares to match the value of investments, assets, and future strategic expansion plan of Savola Foods Company locally and regionally. Shareholder’s ownership will remain status quo.

Dr Abdulraouf Mannaa, managing director of the Savola Group, explained that the  recommendation for the capital increase will be presented to the General Shareholders Assembly of Savola Foods Company for ratification, and afterwards, obtain the official approvals from the concerned authorities and complete the required procedures in accordance with the rules and regulations. 

This move complements the Savola Group’s business and expansion in operations throughout the region which matches the Group assets which is well over SR17 billion and its SR5 billion in capital. – TradeArabia News Service