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Argaam
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Al-Futtaim Retail gets GAC nod to acquire 49.95% of Cenomi Retail
The General Authority for Competition (GAC) announced it issued its 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 announced it received a notice from several major shareholders — Fawaz Alhokair, Abdul Majeed Alhokair, Salman Alhokair, Saudi FAS Holding Co., and FAS Real Estate Co. (the selling shareholders)— regarding the signing of a share purchase agreement (SPA) with Al-Futtaim Retail on July 18. Under the terms of the agreement, the selling shareholders will sell a part of their stake in the company—approximately 57.33 million shares, representing 49.95% of the company's total capital—to Al-Futtaim for SAR 2.52 billion (SAR 44 per share), through a private acquisition deal. 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.
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US, Saudi Arabia hold high-level defense meeting at the Pentagon
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Ahead of Aramco's Q2 2025 earnings report: What to expect?
Saudi Aramco is scheduled to disclose its financial results for the second quarter of 2025 tomorrow, Aug. 5. Aramco recently announced that it will begin disclosing adjusted earnings on a quarterly basis starting from Q2 2025. Adjusted earnings represent earnings before interest, income tax, Zakat, and net income, excluding non-operational and non-recurring items. Analysts expect the giant oil exporter to post a net profit of SAR 88.64 billion for the three-month period, compared to SAR 106.16 billion in the corresponding period of 2024. Aramco's bottom line declined to SAR 95.7 billion in Q1 2025, from SAR 103.4 billion in the prior-year period.
