Saudi Arabian food group Savola has sold its 51% stake in the Saudi Arabian Glass Company Ltd (SAGCO), registering a capital gain of SAR 90 million (USD 24 million/EUR 18.8 million), the company said …
Saudi Arabian food group Savola has sold its 51% stake in the Saudi Arabian Glass Company Ltd (SAGCO), registering a capital gain of SAR 90 million (USD 24 million/EUR 18.8 million), the company said on 28 October 2004. The move is in line with the group“s plans to completely divest all its glass sector operations and focus on its core activities. The stake was sold to another SAGCO shareholder. In August 2004, Savola sold its 21% stake in the Saudi National Glass Industries Company (Zoujaj) for a capital gain of SAR 30 million (USD 8.0 million/EUR 6.3 million).