GAC approves Taiba purchase of Savola’s entire stake in KEC

Taiba Investments Co. and Savola Group received, on Nov. 29, an approval from the General Authority for Competition (GAC), to complete the economic concentration process. 

This will be through Taiba’s purchase of all the shares and stakes owned by Savola Group in Knowledge Economic City (KEC), at a value of SAR 459.26 million.

In two separate statements to Tadawul, the two parties added that they agreed to extend the final delivery period, which will end on Dec. 8, for an additional period of 60 days, starting from the expiration date of the first final delivery period specified in the agreement.

The two companies indicated that they are currently working on finalizing the rest of the procedures related to the transfer of shares and stakes - according to the agreement - during the final delivery period (additional period).

In August, Taiba inked a binding agreement to acquire Savola Group’s entire ownership in KEC for SAR 459.26 million, Argaam reported.

Taiba’s shareholders recently approved the buyout of Savola Group’s entire ownership in KEC.

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