Riyadh-Mubasher: Savola Group has reached a final settlement with Al Alamiya for Cooperative Insurance Co. regarding the damage and loss caused by fire at Savola's subsidiary United Sugar.

Savola earlier said fire broke out at the raw sugar warehouse related to United Sugar in Jeddah.  

The amount finally agreed reached SAR 548 million, net of the policy excesses applicable under both policies.

The settlement will have a net positive impact of SAR 94 million on Savola's income statement of the fourth quarter of 2015.