Saudi's SAVOLA buys two Egyptian companies

JEDDAH: Saudi Arabia's Savola Group on Monday signed an agreement to buy a 78 percent stake in two Egyptian firms for 557 million Egyptian Pounds ($97.8 million), it said in a statement on Tuesday.

The two firms are Al-Malika and Al-Farasha said the statement, posted on the website of the Saudi bourse.

"These two companies are engaged in the field of manufacturing and marketing pasta inside and outside Egypt and have two factories in Egypt with production capacity of 120,000 tons per annum, with a market share of 30 percent," the statement said.