Logos of Arabian Centres, Fawaz Alhokair and VogaCloset
Fawaz Abdulaziz Alhokair Co. (Fawaz Alhokair) and Arabian Centres Co. (ACC) announced the latest developments regarding the acquisition of 51% of an e-commerce platform for SAR 138 million.
In separate statements to Tadawul, the two companies said 39,253 ordinary shares, or 25.5% of VogaCloset Ltd.’s share capital, were transferred from VogaCloset to Fawaz Alhokair, after the capital increase under the share purchase agreement (SPA).
Under the same agreement, VogaCloset transferred to Arabian Centres 13,598 existing shares, and issued 25,655 new shares, representing 25.5% of VogaCloset’s share capital, post capital increase pursuant to the SPA.
In turn, Fawaz Alhokair and Arabian Centres will transfer the acquired shares in VogaCloset to FAS Labs – a newly established limited liability company (LLC) for digital initiatives, which is equally owned by both firms.
Starting Q3 2022, Arabian Centres will consolidate the investment in FAS Labs, which owns 51% of VogaCloset’s capital, into financial statements under “equity accounted investments”. Similarly, Fawaz Alhokair will consolidate VogaCloset into its financial statements through its subsidiary FAS Labs.
In March 2021, Arabian Centres and Fawaz Alhokair signed an agreement to acquire 51% of the e-commerce platform for SAR 138 million, Argaam reported.
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