SAVOLA ACQUIRES TATE & LYLES SUGAR SECTOR FOR USD 48.3M

Reference to the announcement published in the Saudi Stock Exchange (Tadawul) in 25th October, 2009, with regards to the acquisition of Tate & Lyle (UKs Partner) entire shares in Sugar sector in Saudi Arabia & Egypt as detailed in the said announcement.
The Savola Group, would like to announce that it has completed, all legal procedures of transferring T&Ls (foreign partner) shares in its subsidiaries; United Sugar Company in KSA and United Sugar Company of Egypt with total amount of USD 48.3 million, whereby the Group shareholding in United Sugar Company capital raised from (64.8%) to (74.48%) in United Sugar Company and from (53.45%) to (56.86%) in United Sugar company of Egypt located in Aen Al-Sukhnna. Alhamdulilah, the Group is currently working to reflect the new shareholding structures in the said companies industrial licenses and commercial registrations.

Dr. Abdulraouf M. Mannaa, Managing Director of Savola Group, confirmed that this transaction is aligned with the Savola Groups strategy of focusing in its core business in foods, which aims to increase its shareholding in its subsidiaries share capital in side Saudi Arabia and overseas.