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Saudi Arabia’s Savola Group is seeking approval from the Capital Market Authority (CMA) to reduce its capital to from 11.34 billion riyals ($3.02 billion), down to SAR 3 riyals ($800 million), following a Board recommendation.
Savola said the decision is linked with the proposed distribution of its entire stake in regional dairy giant Almarai, amounting to 34.52%, to the company’s eligible shareholders.
(Writing by Bindu Rai, editing by Seban Scaria)
