Al-Futtaim acquisition completion set to lift balance sheet, support growth prospects: Cenomi Retail

Logo of Fawaz Abdulaziz Alhokair Co. (Cenomi Retail)

Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) said the recent stake sales by major shareholders to Al-Futtaim Retail Co., along with obtaining a shareholder loan facility worth up to SAR 1.35 billion under this transaction, should strengthen its balance sheet and support its growth potential.

The company confirmed the acquisition deal’s completion in a Tadawul filing today, Sept. 15, noting that Al-Futtaim now holds a 49.95% stake, while the remaining 50.05% were not part of this private placement.

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Under the applicable regulatory requirements, Al-Futtaim is subject to the same shareholder rights and obligations as others, without preferential treatment, and is barred from disposing of its shares for six months unless prior approval is obtained from the Capital Market Authority (CMA).

Cenomi Retail’s board of directors hailed Al-Futtaim’s new position as a strategic investor, citing confidence in its plans to enhance operations, accelerate digital transformation, expand distribution, and drive innovation.

The board added that this partnership is bound to create sustainable value for shareholders and offer career development opportunities for staff, leveraging Al-Futtaim’s global retail expertise.

According to Argaam data, Cenomi Retail received a notice from Al-Futtaim confirming the completion of the negotiated share purchase, granting the UAE-based retailer a 49.95% ownership in the company.