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Savola Group sells shares in Knowledge Economic City to Taiba Investment

Savola Group sells shares in Knowledge Economic City to Taiba Investment
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TAIBA
4090
-1.14% 26.10 -0.30
KEC
4310
-2.32% 11.80 -0.28
Default Company
2050.B
6.03% 37.80 2.15

Riyadh – Mubasher: Savola Group inked an agreement to sell its entire shares in Knowledge Economic City and Knowledge Economic City Developers Company Limited to Taiba Investment Company for SAR 459.26 million.

The General Authority for Competition passed the sale transaction on 29 November 2022, according to a bourse filing.

The deal was supposed to be closed 120 days from the signing date on 11 November 2022. However, Taiba Investment and Savola Group inked an agreement to extend the period for further 60 days.

The shareholders of Taiba Investment and Savola Group granted their approvals for the sale deal on 13 and 20 September 2022, respectively. Currently, the two entities are finalising the remaining legal procedures needed to complete the transaction.

In the first nine months (9M) of 2022, Savola Group generated SAR 648.30 million net profits after Zakat and tax, higher by 36.14% year-on-year (YoY) than SAR 476.20 million.

Meanwhile, Knowledge Economic City incurred net losses after Zakat and tax worth SAR 10.73 million in the January-September 2022 period, a 316.97% leap from SAR 2.57 million in 9M-21.

Taiba Investments turned profitable at SAR 97.63 million in 9M-22, against net losses after Zakat and tax worth SAR 53.17 million in the year-ago period.