Savola Swallow's Another Retail Rival

Saudi Arabia-based diversified conglomerate Savola Group has further bolstered its market leadership of the kingdom's mass grocery retail (MGR) industry after it reached an agreement worth a reported SAR440mn (US$117.3mn) to acquire the Geant supermarket banner owned by Saudi-based Fawaz Alhokair Group. Possessing a robust balance sheet, it is believed that Savola will not tap into debt markets to finance its latest purchase. Geant's 11 outlets will be absorbed by Savola's MGR arm Panda. According to UAE-based Shuaa Capital, the deal will increase Panda's turnover by about SAR1bn, which further emphasises the fact that Savola is ideally placed to capitalise

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