UPDATE 1-Saudi Arabia's Savola hires Moelis & Co to advise on strategic options
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DUBAI, Oct 17 (Reuters) - Saudi Arabia's largest food products company Savola said on Tuesday it has hired Moelis & Co to advise on the strategic options for its business including a potential sale of a portion of its stake in the Middle East's biggest dairy firm Almarai.
While no decisions have been made yet, "knowing that this is one of such options under consideration, the Group has appointed Moelis & Co. to advise it in relation to such option," Savola said in a regulatory filing. The company said there was no material information to disclose.
Savola's filing was in response to a Bloomberg News report on Monday, which said Savola was exploring options, including the sale of all or part of its 35% stake in Almarai, citing people familiar with the matter. (Reporting by Hadeel Al Sayegh; Editing by Kim Coghill and Christian Schmollinger)
