RIYADH: Shares of Savola Group fell 1.76 percent on Thursday after it entered into an SR459 million ($122 million) agreement to sell its stake in Knowledge Economic City Co. and Knowledge Economic City Developers Co. Limited. to Taiba Investments Co.
This move came in light of Salove’s strategy of focusing on investing in its main operations in the food and retail sectors, while ending investments in non-core businesses, the group said in a bourse filing.
Knowledge Economic City is owned by Savola Group directly and indirectly at an approximate share of 11.47 percent.
Its shares ended Thursday's trading session 3.85 percent higher at SR15.12.
