FM Spokesman says Saudi Savola transfers stake in Iran to another investor

Iranian Foreign Ministry Spokesman Behrouz Baghaei said on Monday that Saudi Savola company with major holdings deals has moved its stake to another company.

News ID: 5711

Date: 06 January 2025 - 13:14

TABNAK, Jan 06: Savola Group is a Saudi Arabian company with major holdings deals in edible oil, sugar, plastic packaging, retail hyper markets and real estate in the Middle East, Central Asia and North African countries.

“Just because certain developments came at the same time it does not mean a political happening. They just happened at the same time,” Baghaei said referring to Iran’s recent protest to execution of 6 Iranian prisoners in Saudi Arabia due to alleged drug trafficking.

Baghaei then elaborated on the issue of Savola Company, saying that no currency has been transferred outside of Iran by Saudi Savola Group and it transferred its stake to another company.

His remarks came after some media reported that Savola Group struck a deal to sell its operations in Iran to an undisclosed “foreign investor” for SR705m ($187.6m).

The sale encompasses Savola’s food business in Iran, which includes the manufacturing and distribution of edible oils, seafood, bakery and confectionery products.

Savola added the buyer is not a related party.