Takween completes purchase of Savola Packaging for SAR 910 mln

17/03/2015 Argaam
 

Takween Advanced Industries, which manufactures plastic products, has completed its purchase of Savola Packaging Systems Co. and its subsidiaries for SAR 910 million, the company said in a statement to the Saudi bourse.

 

The deal was financed through a sharia-compliant loan, or Murabaha.

 

The consolidation of Savola Packaging’s finances will be effective during first quarter, Takween added.

 

Takween signed on Dec. 30, 2014 an agreement with Savola Group to buy the packaging company for SAR 910 million, according to data compiled by Argaam.  

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