Saudi supermarket chains merge

Riyadh: Saudi Arabian chains Al Azizia Panda and Giant Stores are to merge. Savola Group, which owns Al Azizia Panda, will own 80% of the joint venture. The chains operate 80 supermarkets between them and the new company will have combined sales of 5bn riyals (£674m) a year. "We have signed a memorandum of understanding to merge Azizia Panda with Giant Stores," confirmed Savola CEO Sami Baroum