Saudi-based Savola Group has agreed to pay SR440 million ($117.3 million) to buy all Geant supermarkets owned by private Fawaz Alhokair Group. Savola has signed an agreement with Alhokair to buy Geant supermarket outlets in the kingdom, it said in a statement posted on the bourse website. 'We are taking all the Geant stores in the kingdom, they are 11,' Savola's Chief Executive Sami Baroum told Reuters. The deal will enable Savola's retail arm Azizia Panda to raise to 8 from 7 percent its share of the Saudi retail market and Read more...
