By John Lee.
Saudi Arabia’s largest food producer Savola says it will maintain business in Iran, brushing off speculation that its stake might be sold in the wake of a diplomatic spat between the two countries, reports Iran’s PressTV.
A senior Savola executive told Reuters the company “plans to maintain its investments there (in Iran) despite a diplomatic standoff between the regional powers … We knew the risks of doing business in Iran from the start.‘
Savola has a 90 percent stake in Savola Behshahr Industrial Company which accounts for 40% of Iran’s edible oil market, and has 100 percent ownership of Savola Behshahr Sugar Company, distribution firm Tolue Pakhshe Aftab and confectionery maker Modern Behtaam Royan Kaveh.
Other Saudi companies in Iran include:
- Aujan Group Holding, operating under British firm Nichols and Coca-Cola through a $1 billion joint venture;
- Kaveh Aluminum Can Company in Iran supplies cans to the Aujan Industries Iranian Company as well as Coca-Cola, Pepsi and other brands for sale in Iran, according to Reuters;
- Rani Refreshments has been making its popular fruit juice products in Iran since 2005.
(Source: Press TV)