May 6, 2018 / 12:38 PM / 4 months ago

BRIEF-Savola Group Signs Deal To Buy 51 Pct Of Al Kabeer Group

May 6 (Reuters) - SAVOLA GROUP COMPANY:

* ANNOUNCES PURCHASE OF 51 PERCENT OF AL KABEER GROUP OF COMPANIES FOR 565.5 MILLION RIYALS

* SIGNS BINDING SHARE PURCHASE AGREEMENT FOR ACQUISITION OF 51 PERCENT OF AL KABEER GROUP OF COMPANIES FOR 565.5 MILLION RIYALS

* SAYS COMPLETION OF SHARE SALE UNDER AGREEMENT SHALL BE WITHIN 6 MONTHS FROM DATE OF SIGNING, EXTENDABLE BY MUTUAL CONSENT

* SAYS APPOINTED FARRELLY & MITCHELL AS FINANCIAL ADVISOR, PRICEWATERHOUSECOOPERS AS FINANCIAL & TAX DUE DILIGENCE ADVISOR

* SELLER APPOINTED ALPEN CAPITAL AS ITS FINANCIAL ADVISOR

* SAYS TRANSACTION WILL BE FINANCED THROUGH COMBINATION OF OPERATING CASH FLOWS AND BANK LOANS

* IMPACT OF TRANSACTION IS EXPECTED TO BE POSITIVE AND WILL BE REFLECTED ON SAVOLA RESULTS ONCE LEGAL AND ADMINISTRATIVE PRODUCERS ARE COMPLETED DURING H2, 2018 Source text for Eikon: Further company coverage:

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