Danube seeks to sell stake

Saudi Arabia’s supermarket chain, Danube Co. Ltd, is seeking to sell a stake in a deal that would value the business at about $2 billion, Bloomberg reported citing unnamed people with knowledge of the matter.

Bin Dawood Group, the owner of Danube, has appointed Bahrain-based Gulf International Bank BSC as financial advisor to the deal, the report said.

Bahrain-based Investcorp Bank BSC is in talks with the owner to acquire a 20 percent stake in the company.

Danube Co. was launched in 1987, and is considered as one of the largest retailers of foodstuff and luxury items in Saudi Arabia.