Cenomi Retail says Al-Futtaim Retail completes 49.95% stake acquisition

Logo of Fawaz Abdulaziz Alhokair Co. (Cenomi Retail)

Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) announced the completion of negotiated deals through which Al-Futtaim Retail Co. acquired a 49.95% stake in the former from its major shareholders, following the fulfillment of all regulatory approvals and conditions precedent.

In a statement to Tadawul today, Sept. 15, Cenomi Retail said that negotiated deals worth SAR 2.52 billion (or SAR 44 per share) were executed between Al-Futtaim Retail and the selling shareholders.

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The acquisition completion followed the fulfillment of several conditions, including securing all required approvals and no-objection resolutions from relevant authorities.

Al-Futtaim said the transaction aligns with its strategy to strengthen its presence in the Saudi retail sector.

Through the deal, Al-Futtaim and Cenomi Retail will work to ramp up business activities through enhanced operations, accelerated digital transformation, expansion of its distribution network, and innovation to strengthen its competitive position.

The acquisition will also deliver long-term, sustainable value creation for the company’s shareholders and provide career development opportunities for staff, aided by Al-Futtaim’s extensive experience in managing global retail chains.

Al-Futtaim added that its investment in Cenomi Retail reflects confidence in the strength of the Saudi economy and its alignment with Vision 2030. The transaction also underscores the strong economic partnership between Saudi Arabia and the UAE, while deepening Al-Futtaim’s presence in the Saudi strategic market, distinguished by solid fundamentals and clear development plans.

Through its expanded presence and broader brand portfolio, Al-Futtaim aims to capture growth opportunities and contribute to the development of the Saudi retail sector.

Last July, Co. Cenomi Retail received a notice from several major shareholders — Fawaz Alhokair, Abdul Majeed Alhokair, Salman Alhokair, Saudi FAS Holding Co., and FAS Real Estate Co. (the selling shareholders)— regarding the signing of a share purchase agreement (SPA) with Al-Futtaim Retail.