Taiba shareholders approve acquisition of Savola’s stake in KEC for $122m

RIYADH: Taiba Investments Co. received its shareholders’ approval to purchase all stakes owned by Savola Group in Knowledge Economic City Co. for  SR459 million ($122 million).

Savola owns an 11.47 percent stake in KEC — a direct ownership of 6.40 percent and an indirect ownership of 5.07 percent — through Knowledge Economic City Developers, according to a bourse filing.

The deal comes in line with Savola’s plans to exit investments in non-core sectors in order to focus on its main operations in the food and retail sectors, Savola said in a separate statement.