Savola sells storage facility for $80m

SAVOLA Group has sold a central storage facility to Al Rajhi Capital for SAR 299 million ($79.73 million), making a profit of 55 million riyals, the Saudi sugar refining company said. The sugar refiner sold the facility on the condition that Al Rajhi Capital will rent it out to its subsidiary Al-Azizia Panda, one of the GCC's biggest supermarket chains, Savola said in a statement on the Saudi bourse website. Savola also holds a 26.5 per cent stake in Almarai Co, the Gulf's biggest dairy firm by market value.Air Jordan