Al-Futtaim Retail gets GAC nod to acquire 49.95% of Cenomi Retail

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The General Authority for Competition (GAC) announced last July the issuance of a non-objection last July for Al-Futtaim Retail’s acquisition of a 49.95% stake in Fawaz Abdulaziz Alhokair Co. (Cenomi Retail).

According to Argaam’s data, Cenomi Retail declared the receipt of a notice from several major shareholders, Fawaz Alhokair, Abdul Majeed Alhokair, Salman Alhokair, Saudi FAS Holding Co., and FAS Real Estate Co. (collectively referred to as “the selling shareholders”), regarding the signing of a share purchase agreement (SPA) with Al-Futtaim Retail on July 18.

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The agreement stipulates that the selling shareholders will sell a portion of their ownership to Al-Futtaim through a private acquisition deal. The deal involves the selling of approximately 57.33 million shares, representing 49.95% of the company’s total capital, for SAR 2.52 billion (SAR 44 per share).

Al-Futtaim Retail brings over 50 years of experience in the retail sector, operating in more than 10 countries with a network of over 300 stores. Its portfolio includes 30 brands spanning a wide range of categories such as fashion, homeware, electronics, furniture, and more.