Fawaz Al Hokair Group has agreed to acquire a 10 percent stake in Turkish bakery chain Simit Sarayi, the latter said in a statement.
The Tadawul-listed retailer will appoint Abdul Majeed Alhokair, its Group vice president, to serve as a board member of Simit Sarayi.
Fawaz Al Hokair Group, one of the Kingdom's largest operators of shopping malls, inked a master franchise agreement with Simit Sarayi in 2014 and has rolled out 50 stores in the MENA region to date.
Under the agreement, Al Hokair plans to roll out more than 250 stores in the next 4 years and reach a total portfolio of over 300 Simit Sarayı stores by the end of 2021.
Founded in 2002, Simit Sarayı expanded its international footprint between 2010 and 2016 through company-owned stores and franchise agreements. By the end of 2017, the company will have 408 stores across 21 countries, including Turkey.
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