Al-Futtaim Group's Strategic Move in the Retail Sector
The General Authority for Competition has granted approval for the Al-Futtaim Group, a prominent retail conglomerate based in the United Arab Emirates, to acquire a 49.95% stake in Fawaz Abdulaziz Alhokair & Company, specifically in their subsidiary, Sinomi Retail. This acquisition marks a significant development in the retail landscape of the region, enhancing Al-Futtaim's market presence and operational capabilities.
Earlier, Sinomi Retail had notified the market of an agreement reached with several major shareholders, including Fawaz bin Abdulaziz Alhokair, Abdulmajid bin Abdulaziz Alhokair, Salman bin Abdulaziz Alhokair, and FAS Saudi Holding Company, along with FAS Real Estate Company. These stakeholders have agreed to sell a portion of their shares, totaling 57,325,841 shares, which represents the aforementioned 49.95% of the total capital of the company, to Al-Futtaim for a total consideration of 2.5 billion Saudi Riyals, equating to a price of 44 Riyals per share.
This strategic acquisition not only reflects the growing confidence in the retail sector but also signifies Al-Futtaim's commitment to expanding its footprint within the Saudi market. Furthermore, the General Authority for Competition has also approved Saudi French Capital's acquisition of a 19.35% stake in My Invoice, a company specializing in electronic payment services.
As reported by maaal.com.
