Al-Futtaim's Strategic Acquisition of Senoimi Retail
The Saudi Competition Authority has officially sanctioned the acquisition of a 49.95% stake in Senoimi Retail by the UAE retail giant Al-Futtaim Group. This significant investment signals Al-Futtaim's commitment to expanding its footprint in the Saudi retail market. Previously, Senoimi Retail, a subsidiary of Fawaz Abdulaziz Al-Hokair & Co., announced that it had received a notification from major shareholders, including Fawaz bin Abdulaziz Al-Hokair, Abdulmajid bin Abdulaziz Al-Hokair, Salman bin Abdulaziz Al-Hokair, as well as FAS Saudi Holding Company and FAS Real Estate Company, regarding their agreement to sell shares to Al-Futtaim.
Under the terms of the agreement, the selling shareholders will transfer a total of 57,325,841 shares, which represent 49.95% of the company's total capital, to Al-Futtaim for a total consideration of 2.5 billion SAR, translating to a price of 44 SAR per share. This acquisition is expected to bolster Al-Futtaim's retail operations in the region, enhancing its portfolio and presence in the competitive Saudi market.
Additionally, the Competition Authority has also approved Saudi French Capital's acquisition of a 19.35% stake in My Invoice, a company specializing in electronic payment services, further reflecting the dynamic nature of investment activities in the Saudi economy.
As reported by maaal.com.
