Danube Company for Foodstuffs and Commodities (Danube), a 99%-owned subsidiary of BinDawood Holding Co., signed a lease agreement with a real estate development firm in Bahrain to open a Danube hypermarket.
The store, located at Al Liwan Project in Bahrain’s Hamala, will be Danube’s first venture outside of Saudi Arabia, BinDawood Holding said in a statement to Tadawul.
Spread over 5,305 square meters, the hypermarket project is scheduled to start in January 2021 to open in Q4 2021.
Project cost is estimated at SAR 30 million, which will be financed through internal funds, the statement said.
The project is expected to have a positive impact on the company's results after the commencement of commercial operation. The result will be announced in due course.
The company expects the financial impact to start reflecting on its results starting Q4 2022.
Lama Real Estate WLL, represented by Seef Properties BSC, is the executing party in the contract.
The opening of the store is subject to obtaining all necessary regulatory approvals from Bahrain’s relevant authorities.
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