Savola plans to issue 8.71 million new shares to Alhokair Group, and pay SR20.7 million ($5.52 million) in cash in exchange for latter's 7 percent stake in Azizia, Savola said in a statement on the bourse website on Saturday.
The new shares are worth SR310.8 million based on Wednesday's closing price.
Last year, Savola paid Fawaz Alhokair Group SR248.6 million in cash and 7 percent in shares in Azizia Panda to buy some assets held by supermarket chain Geant Saudi Arabia.
It was not immediately clear if the Alhokair Group Savola referred to in Saturday's statement was the same Fawaz Alhokair Group that had sold the Geant assets to Savola.
This would be the second time in less than two months that a Saudi family-owned firm agrees to sell its shares in Azizia Panda United to Savola Group.
Savola said the Alhokair deal valued Azizia Panda United at SR4.3 billion. 
Savola has in the past sold shares to the public in subsidiaries such as dairy firm Almarai and fast-food chain Herfy and has delayed plans to launch an initial public offering in Afia, its edible oil company.