Savola Increases Stake in Dairy Major And Targets Further MGR Growth

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It is being reported that Savola Group - a leading Saudi Arabia-based company with assets across the food and mass grocery retail (MGR) segments - has increased its equity stake in one of the kingdom's leading dairy companies Al Marai to 29% (the additional investment is worth a reported SAR500mn (US$133.3mn) in a move BMI agrees with. Al Marai is one of the world's largest integrated dairy producers with a wide product portfolio that includes fruit juices and confectionaries. The company's performance has not been noticeably affected by the global financial meltdown so far. In April 2009, Al Marai reported