Farm Superstores halts Lebanon branch and rents it for 10 years

01/05/2014 Argaam

The Saudi Marketing Company (Farm Superstores) announced today on Tadawul halting its Lebanese branch as of June 30, 2014 and renting it to Monoprix-BHV Company.

The rental agreement was signed yesterday and has a term of 10 years starting from July 1st, 2014.The annual rent is $ 500,000 (including 10% taxes annually).

The company said that this transaction aims at generating more revenue and expects to realize its positive effect on the financial statements starting from Q3-2014.

The Lebanese branch is owned by Farm Superstores’ 99.95% Lebanese affiliate, the Saudi Marketing and Trading Company.

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