Savola Group Managing Director & CEO Dr. Abdulraouf M. Mannaa (fourth from left), and some members of the board of directors, pose for a group photo during the extraordinary shareholders' general assembly meeting held Saturday.
The Savola Group, in an extraordinary shareholders' general assembly meeting held last Saturday at the Park Hyatt Hotel in Jeddah, recommended to distribute cash dividend for the fourth quarter of the year 2012 amounting to SR250 million, in addition to the ratification of the total dividends already distributed to the shareholders for the first three quarters of the year 2012 amounted to SR450 million making the total cash dividend (paid and to be paid) to reach SR700 million. Distribution of dividend will start on March 30, 2013. Furthermore, the Board of Directors for the new office term that will start on July 1, 2013 for a period of three years, was also elected. The following names have been selected unanimously from 14 candidates. They are Suliaman A. Al-Muhaidib, Dr. Abdulraouf M. Mannaa, Eng. Abdullah M. Rihaimi, Mohammed Abdulgadir Alfadl, Ibrahim M. Alissa, Fahad A. Al Qassim, Abdulaziz Khalid Al Ghufaily, Issam Abdulgader Al Muhaidib, Badr Abdullah Al-Issa, Abdulkareem Asaad Aboulnasr and Ameen M. Shaker. The Savola Group operates in three core sectors: the Food Sector, which includes edible oils, sugar and pasta, the Retail Sector through Azizia Panda supermarkets and hypermarkets, and the Plastics Sector, which manufactures both rigid and flexible plastic products. In addition, the Group has a diversified portfolio of strategic investments in which it owns 36.6 percent of Al-Marai fresh dairy company, 49 percent of Herfy foods and restaurant chain, and 29.9 percent of Kinan International Real Estate. The Savola Group is also one of the founders of Knowledge Economic City in addition to its shareholdings in major companies and other investments portfolios. — SG
