September 13, 2017 / 5:30 AM / 3 months ago

BRIEF-Saudi's Savola to sell 2 pct stake in Almarai for 1.12 bln riyals

Sept 13 (Reuters) - SAVOLA GROUP COMPANY:

* ALLOCATES ITS 16 MILLION SHARES IN ALMARAI THROUGH ACCELERATED BOOKBUILDING PROCESS AT 70 RIYALS PER SHARE WITH TOTAL VALUE OF 1.12 BILLION RIYALS

* IF TRANSACTION FULLY COMPLETED AND CO RECEIVES FULL AMOUNT OF PROCEEDS, CO WILL RECORD PROFIT OF 694.1 MILLION RIYALS DURING Q3

* OWNERSHIP OF SAVOLA IN AL-MARAI WILL DECREASE FROM 36.52 PERCENT TO 34.52 PERCENT FOLLOWING COMPLETION OF TRANSACTION Source text for Eikon: Further company coverage:

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