Latest news with #SavolaGroup
Arab News
09-07-2025
- Business
- Arab News
Savola Group announces leadership transition
Savola Group, a strategic investment holding company in the food and retail sectors across the MENA region, has announced a leadership transition to further progress the group's strategic transformation. The board of directors accepted the resignation of Waleed Khalid Fatani from his position as CEO of Savola Group. The move is in line with the group's strategic transformational direction that focuses on the food sector, following a successful tenure marked by major milestones. These include the launch of a SR6 billion ($1.6 billion) rights issue to strengthen the group's capital position, as well as the distribution of Savola's entire stake in Almarai to its shareholders. Meanwhile, Sameh Mahmoud Hassan has been named the new Savola Group CEO based on the recommendation of the Remuneration and Nomination Committee. Hassan currently holds the position of the CEO of Savola Foods Company (a wholly owned subsidiary of Savola Group) since December 2018. He is a seasoned executive in the FMCG and food industries. He will continue to lead Savola Foods in addition to being group CEO. This leadership change reflects the group's continued evolution, with Savola Foods at the center of its future growth ambitions. Sulaiman A.K. Al-Muhaidib, chairman of Savola Group, said: 'The appointment of Sameh Hassan marks a new phase in Savola's journey as we focus our efforts on building a scaled and integrated food platform with regional and global ambitions. On behalf of the board, I thank Fatani for his leadership and contributions. With Hassan at the helm, Savola is well-positioned to accelerate its growth in the food sector while continuing to manage its broader portfolio in a value-maximizing manner.' Fatani said: 'It has been a privilege to lead Savola during this transformative period.' I am proud of what we have accomplished together — from the execution of value-enhancing transactions to laying the foundation for the future with Savola Foods at the center of its future growth ambitions. I am confident that Sameh Hassan will continue this momentum and take the group to even greater heights.' Incoming CEO Hassan said: 'It is an honor to take on the role of group CEO at this pivotal time. We will continue to build on Savola's heritage and strengths, driving sustainable growth in our food platform. I look forward to working closely with the board and our teams to execute this next chapter of our strategy.'
Zawya
01-07-2025
- Business
- Zawya
Savola Group announces CEO transition
Jeddah, Kingdom of Saudi Arabia: Savola Group ('Savola' or 'the Group'), a leading strategic investment holding company in the food and retail sectors across the MENA region, announces today a leadership transition to further progress the Group's strategic transformation. The Board of Directors has accepted the resignation of Mr. Waleed Khalid Fatani from his position as CEO of Savola Group, effective June 30,2025, based on a mutual agreement as part of the Group's strategic transformational direction that aims to focus on the Food Sector, following a successful tenure marked by major strategic milestones. These include the launch of a SAR 6.0 billion rights issue to strengthen the Group's capital position, as well as the distribution of Savola's entire stake in Almarai to its shareholders. The Board extends its deepest appreciation to Mr. Fatani for his leadership, commitment, and contributions to Savola's transformation journey. In line with the transformation strategy, the Board is pleased to announce the appointment of Mr. Sameh Mahmoud Hassan, as the new Savola Group CEO based on the recommendation of the Remuneration and Nomination Committee (RNC) as of July 1, 2025. Mr. Sameh currently holds the position of the CEO of Savola Foods Co. (a wholly owned subsidiary of Savola Group) since December 2018. Mr. Sameh Hassan is a seasoned executive in the FMCG and food industries. He brings decades of leadership experience across prominent regional and global organizations. Prior to his current role, he held senior positions including Chief Portfolio Officer at Al Faisaliah Group, Chief Operating Officer at Basamh Trading and Industries Group, in addition to almost 20 years in several international roles at Procter & Gamble company. He also serves on the boards of various companies, reflecting his broad industry expertise and strategic leadership. He will continue to lead Savola Foods Company in addition to being Group CEO. This leadership change reflects the Group's continued evolution, with Savola Foods at the center of its future growth ambitions. While food will anchor the Group's core operations going forward, Savola remains committed to responsibly managing and maximizing value from its portfolio assets and other non-core holdings. As communicated in the February 2024 announcement, Savola continues to explore strategic alternatives to unlock value from these assets for the benefit of its shareholders, including potential listings, partnerships, or monetization avenues, subject to market conditions and regulatory approvals. Mr. Sulaiman A.K. Al-Muhaidib, Chairman of Savola Group, commented: 'The appointment of Mr. Sameh Hassan marks a new phase in Savola's journey as we focus our efforts on building a scaled and integrated food platform with regional and global ambitions. On behalf of the Board, I thank Mr. Fatani for his leadership and contributions. With Mr. Hassan at the helm, Savola is well-positioned to accelerate its growth in the food sector while continuing to manage its broader portfolio in a value-maximizing manner.' Mr. Waleed Khalid Fatani, outgoing CEO of Savola Group, added: 'It has been a privilege to lead Savola during this transformative period. I am proud of what we have accomplished together—from the execution of value-enhancing transactions to laying the foundation for the future with Savola Foods at the center of its future growth ambitions. I am confident that Mr. Sameh Hassan will continue this momentum and take the Group to even greater heights.' Mr. Sameh Hassan, incoming CEO of Savola Group, said: 'It is an honor to take on the role of Group CEO at this pivotal time. We will continue to build on Savola's heritage and strengths, driving sustainable growth in our food platform. I look forward to working closely with the Board and our teams to execute this next chapter of our strategy.' About Savola Group Founded in 1979, Savola Group is a publicly listed company and a leading strategic investment holding company focused on the food and retail sectors across the MENA region (Middle East, and North Africa). Its core platform, Savola Foods, produces and exports a wide range of food products including edible oils (such as Afia & Shams, and Alarabi brands), sugar (Alosra sugar), pasta (Almaleka and Italiano brands), Bayara and Afia nuts, spices, snacking and multiple ghee brands to more than 50 countries. The Group also owns Panda Retail Company, one of the largest grocery chains in Saudi Arabia, and holds strategic stakes in companies such as Herfy Food Service and Alkabeer Frozen Food.
Reuters
02-06-2025
- Business
- Reuters
Gulf stocks settle varied on tariff uncertainty, rise in oil prices
June 2 (Reuters) - Stock markets in the Gulf ended varied on Monday, as investor sentiment remained fragile after U.S. President Donald Trump's threat to double tariffs on worldwide steel and aluminium. Trump accused China of violating a bilateral deal to roll back tariffs and announced a 50% tariff on steel and aluminium, rattling international trade. The tariffs are set to come into effect starting June 4. Oil prices - a catalyst for markets in the Gulf - jumped by more than 4% after the OPEC+ group decided to keep output increases in July at the same level as the prior two months. . Brent crude futures was up 3.97%, at $65.27 a barrel by 1220 GMT. The Organization of the Petroleum Exporting Countries and its allies, decided on Saturday to raise output by 411,000 barrels per day in July. S&P 500 futures fell 0.5%, while Nasdaq futures lost 0.7%, suggesting a retreat at the opening bell later. Saudi Arabia's benchmark stock index (.TASI), opens new tab settled 0.23% higher with packaging provider United Carton Industries ( opens new tab up 4.52% and industrial company Savola Group ( opens new tab up 4.66%. "Sector performance was mixed but generally supportive, notably from the banking sector, which had experienced significant losses recently. Energy stocks also contributed positively, buoyed by higher oil prices," said Joseph Dahrieh, Managing Principal at Tickmill. Al Rajhi Bank ( opens new tab, Saudi Arabia's second-largest lender by assets, settled up 1.24%. The UAE stock markets presented a mixed picture, with Dubai's main share index (.DFMGI), opens new tab settling flat and Abu Dhabi's, benchmark index (.FTFADGI), opens new tab finishing down 0.39%. The Abu Dhabi index recorded a second straight session of losses. "The Dubai stock market was relatively stable after two previous sessions of losses. Momentum could remain intact and the market could continue to rise," said Dahrieh. In Dubai, food and groceries delivery provider Talabat Holding ( opens new tab was down 1.39%, while Amlak Finance ( opens new tab rose by 14.55%. Qatar's benchmark stock index (.QSI), opens new tab settled 0.16% lower. Commercial Bank ( opens new tab was the top loser on the index, down 1.78%. The index touched its lowest levels since May 1. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.54%, extending losses for a second consecutive session. Real estate companies took a hit, with Orascom Development Egypt ( opens new tab down 3.2% and Emaar Misr for Development ( opens new tab down 3.01%.
Arab News
02-06-2025
- Business
- Arab News
Closing Bell: Tadawul closes higher on Monday as TASI edges up; Nomu surges over 300 points
RIYADH: Saudi Arabia's Tadawul All Share Index closed slightly higher on Monday, gaining 24.82 points, or 0.23 percent, to reach 10,850.09. Total trading turnover on the main market stood at SR4 billion ($1 billion). Market breadth remained mixed, with 116 gainers against 120 decliners. The MSCI Tadawul 30 Index rose 2.47 points, or 0.18 percent, to settle at 1,384.58. The parallel market Nomu recorded a more pronounced gain, climbing 314.77 points, or 1.18 percent, to 26,984, with 31 stocks advancing and 49 retreating. Savola Group led the main market gainers, advancing 4.48 percent to close at SR28. United Carton Industries Co., which recently debuted on Tadawul, added 4.40 percent to close at SR42.70 with over SR217 million in traded value. Other notable gainers included Aldawaa Medical Services Co., which rose 2.92 percent to SR77.60, Middle East Pharmaceutical Industries Co., up 2.82 percent to SR124, and Jabal Omar Development Co., which gained 2.76 percent to close at SR21.56. On the downside, Riyad Bank posted the sharpest drop of the day, falling 3.51 percent to close at SR27.50. Zamil Industrial Investment Co. dropped 2.76 percent to SR38.75, while Naseej International Trading Co. declined 2.86 percent to SR78.20. Emaar The Economic City slipped 2.71 percent to SR12.92, and Abdullah Saad Mohammed Abo Moati for Bookstores Co. fell 2.45 percent to close at SR35.80. On the announcement front, Al-Modawat Specialized Medical Co. disclosed that its board had passed a resolution to initiate the company's transfer from the Parallel Market to the Main Market. The move is subject to regulatory approvals and fulfillment of the market's listing conditions. Shares of Al-Modawat ended the day down 1.84 percent at SR17.06. Saudi Arabian Mining Co. announced that it has received approval from the Capital Market Authority to proceed with a capital increase in connection with its previously disclosed acquisition of full ownership in Maaden Bauxite and Alumina Co. and Maaden Aluminium Co. The move is part of a share purchase and subscription agreement signed with AWA Saudi and Alcoa Saudi in 2024. The capital increase will raise Ma'aden's share capital from SR38.03 billion to SR38.89 billion through the issuance of 861.9 million new shares. The newly issued shares will be used to acquire 100 percent of the shares held by AWA Saudi in MBAC and Alcoa Saudi in MAC, corresponding to 25.1 percent of the issued capital of each entity. In total, Ma'aden will issue 89.98 million new shares to AWA Saudi and 165 million shares to Alcoa Saudi at a nominal value of SR10 per share. The transaction is expected to be executed through a combination of share issuance and cash payment. The company stated that further updates, including shareholder meeting arrangements for capital increase approval, will be announced in due course. Shares of Ma'aden closed 0.92 percent higher on Monday at SR49.50.
Zawya
02-06-2025
- Business
- Zawya
Mideast Stocks: Gulf stocks settle varied on tariff uncertainty, rise in oil prices
Stock markets in the Gulf ended varied on Monday, as investor sentiment remained fragile after U.S. President Donald Trump's threat to double tariffs on worldwide steel and aluminium. Trump accused China of violating a bilateral deal to roll back tariffs and announced a 50% tariff on steel and aluminium, rattling international trade. The tariffs are set to come into effect starting June 4. Oil prices - a catalyst for markets in the Gulf - jumped by more than 4% after the OPEC+ group decided to keep output increases in July at the same level as the prior two months. Brent crude futures was up 3.97%, at $65.27 a barrel by 1220 GMT. The Organization of the Petroleum Exporting Countries and its allies, decided on Saturday to raise output by 411,000 barrels per day in July. S&P 500 futures fell 0.5%, while Nasdaq futures lost 0.7%, suggesting a retreat at the opening bell later. Saudi Arabia's benchmark stock index settled 0.23% higher with packaging provider United Carton Industries up 4.52% and industrial company Savola Group up 4.66%. "Sector performance was mixed but generally supportive, notably from the banking sector, which had experienced significant losses recently. Energy stocks also contributed positively, buoyed by higher oil prices," said Joseph Dahrieh, Managing Principal at Tickmill. Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, settled up 1.24%. The UAE stock markets presented a mixed picture, with Dubai's main share index settling flat and Abu Dhabi's, benchmark index finishing down 0.39%. The Abu Dhabi index recorded a second straight session of losses. "The Dubai stock market was relatively stable after two previous sessions of losses. Momentum could remain intact and the market could continue to rise," said Dahrieh. In Dubai, food and groceries delivery provider Talabat Holding was down 1.39%, while Amlak Finance rose by 14.55%. Qatar's benchmark stock index settled 0.16% lower. Commercial Bank was the top loser on the index, down 1.78%. The index touched its lowest levels since May 1. Outside the Gulf, Egypt's blue-chip index fell 0.54%, extending losses for a second consecutive session. Real estate companies took a hit, with Orascom Development Egypt down 3.2% and Emaar Misr for Development down 3.01%. SAUDI ARABIA up 0.23% to 10,850.1 ABU DHABI down 0.395 to 9,647.05 DUBAI inched up 0.08% to 5,484.7 QATAR down 0.16% to 10,484.1 EGYPT down 0.54% to 32,325.1 BAHRAIN inched up 0.09% to 1,920.52 OMAN up 0.12% to 4,570.8 KUWAIT up 0.17% to 8,847.1 (Reporting by Rishab Shaju in Bengaluru; Editing by Shailesh Kuber)
