Hokar and Newrest finalize Saudia purchase

Media from around the Middle East were reporting that the long-awaited finalization of the purchase of a minority share of Saudia Catering by Newrest Group and Al-Hokar Group was completed this week.

Newrest and Al-Hokar had been involved in the purchase for several months, reporting at this year’s ITCA Conference in Cologne that it had been selected as the finalist for the 49 percent stake in the company.

The two partners will pay SAR1.8 billion (US$481.million) for the minority share of the caterer. They will operate as Strategic Catering Company Ltd.