Riyadh – Mubasher: Savola Group completed on Tuesday, 12 September the bookbuilding process to sell 16 million shares of its stake in Al Marai, representing 2% of capital, at SAR 70 per share, at SAR 1.12 billion ($300 million).

The selling transactions will be implemented with the purchasers which shares were allocated for them during the accelerated bookbuilding process, through private negotiated transactions during trading activities on Wednesday, 13 September, according to a bourse statement.

In case of transaction’s completion, and obtaining the total proceeds, Savola will achieve SAR 694.08 million profits, which will appear during the third quarter of 2017 financial results, and the profits will be allocated for funding Savola’s other operations.

Savola’s stake in Al Marai will drop to 34.52% from 36.52% after the deal’s completion.

Savola Group appointed HSBC Saudi Arabia as bookrunner and broker for the transaction, in addition to Abuhimed AlSheikh AlHagbani Law Firm that collaborates with Clifford Chance LLP as legal advisors.

Savola will announce the total number of sold shares, proceeds’ value after settlement of the special negotiated transactions completed, which is expected to take place by the end of Sunday, 17 September trading session.

 By 10:53 am KSA time, Savola Group’s stock shed 0.38% to SAR 47.30, while Al Marai’s stock tumbled 5.68% reaching SAR 77.10.