Latest news with #CenomiRetail
Arab News
a day ago
- Business
- Arab News
Closing Bell: Saudi main index slips to 10,843
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Tuesday, as it shed 137.97 points, or 1.26 percent, to close at 10,843.20. The total trading turnover of the benchmark index was SR4.92 billion ($1.31 billion), with 25 of the listed stocks advancing and 231 declining. The Kingdom's parallel market, Nomu also dropped 340.01 points to close at 26,740.01. The MSCI Tadawul Index declined by 1.33 percent to 1,390.20. The best-performing stock on the main market was Sport Clubs Co., which debuted on the benchmark index on Tuesday. The firm's share price advanced by 24 percent to SR9.30. The share price of Tourism Enterprise Co. also rose by 6.25 percent to SR1.02. Riyadh Cables Group Co. saw its stock price climb by 1.92 percent to SR132.50. The share price of Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, declined by 5.71 percent to SR29.38. On the announcements front, Etihad Etisalat Co., also known as Mobily, announced its net profit for the first half of the year reached SR1.59 billion, representing a 22.94 percent increase compared to the same period in 2024. In a Tadawul statement, Mobily attributed the rise in net profit to increased revenues across all business segments and its growing customer base. Mobily saw its stock price edge up by 1.90 percent to SR56.25. Saudi Automotive Services Co. said its net profit for the first half witnessed a year-on-year rise of 48.64 percent to SR33.98 million. According to SASCO, the rise in net profit was driven by a higher number of service stations, strong sales from its SASCO Palm and transportation segments, as well as an increase in the selling prices of diesel. The share price of SASCO rose by 1.48 percent to SR55. Dar Almajed publishes IPO prospectus Dar Almajed Real Estate Co. has published the prospectus for its initial public offering, which will list 90 million shares with a nominal value of SR1 each on the main market. The development follows the Kingdom's Capital Market Authority's approval for the company to float 30 percent of its SR300 million capital in March. The book-building process commenced on June 29 and will conclude on Aug. 4. The retail subscription period will run from Aug. 14 to 18. The company has appointed Saudi Fransi Capital as financial adviser, lead manager, institutional bookrunner, and underwriter for the IPO.
Gulf Business
2 days ago
- Business
- Gulf Business
Al-Futtaim to acquire 49.95% stake in Saudi's Cenomi Retail in SAR2.5bn deal
Image: Cenomi Retail Cenomi Retail, one of Saudi Arabia's largest retail brand partners, said on Monday that its founding shareholders have signed a share purchase agreement with UAE-based The transaction will see Al-Futtaim purchase shares priced at SAR44 each from selling shareholders Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. As part of the agreement, Cenomi Retail and Al-Futtaim are negotiating a shareholder loan agreement under which Al-Futtaim will provide no less than SAR1.3bn in funding upon transaction completion. The loan aims to bolster Cenomi Retail's balance sheet and support its next phase of growth. Entry into the loan agreement is a condition for the completion of the private transaction. 'This transaction marks a transformative milestone for Cenomi Retail and our shareholders,' said Fawaz Abdulaziz Alhokair, one of the selling shareholders. 'By deleveraging our balance sheet and establishing a stronger financial foundation, we are reinforcing long-term partnerships and positioning the company for sustainable growth.' Al-Futtaim's investment represents one of the most significant UAE private sector transactions in the kingdom to date and is aligned with Saudi Arabia's Vision 2030, which aims to diversify the economy and attract foreign capital. Investment in Cenomi Retail shows confidence in Saudi's economy, says Al-Futtaim CEO Al-Futtaim, which operates across automotive, financial services, real estate, retail, and healthcare in the Middle East, Asia, and Africa, brings significant operational scale and retail expertise. Its retail portfolio includes exclusive operations of Inditex brands such as Zara, Massimo Dutti, and Bershka across Asia and the Middle East, including Saudi Arabia, the UAE, Egypt, Malaysia, Thailand, and Singapore. The partnership is expected to enhance Cenomi Retail's operational capabilities, expand its brand portfolio, and support digital transformation initiatives. 'This announcement demonstrates that Cenomi Retail is firmly on the right strategic path,' said Salim Fakhouri, CEO of Cenomi Retail. 'Having Al-Futtaim as a strategic investor enables us to capitalize on their proven capabilities and further solidify our leadership in the retail sector,' he added. The transaction remains subject to customary regulatory approvals, including clearance from Saudi Arabia's General Authority for Competition, and other contractual closing conditions. Lazard acted as the exclusive financial advisor to Cenomi Retail, while J.P. Morgan served as exclusive advisor to Al-Futtaim.
Arabian Business
2 days ago
- Business
- Arabian Business
Al-Futtaim to acquire 49.95% stake in KSA's Cenomi Retail
Al-Futtaim, one of the region's most prominent and diversified private business groups with interests ranging from automobiles, real estate, healthcare, and retail, has signed a share purchase agreement (SPA) with Cenomi Retail, Saudi Arabia's leading retail brand partner. In a private transaction, Al-Futtaim will acquire a 49.95 per cent stake in Cenomi Retail from members of Alhokair family, Saudi FAS Holding Company, and FAS Real Estate Company. The shares are priced at SAR 44 (US$11.73) each, valuing the transaction at more than SAR 2.5 billion (US$670 million). The transaction is subject to mandatory regulatory approvals, including clearance from the General Authority for Competition in Saudi Arabia, and other closing conditions. Al-Futtaim expands presence in Saudi Arabia Al-Futtaim and Cenomi are currently negotiating a shareholder loan agreement, after which Al-Futtaim will extend a shareholder loan of an amount not less than SAR 1.3 billion (US$350 million) to help strengthen the Saudi company's balance sheet and support its next phase of growth. The introduction of Al-Futtaim as a long-term strategic shareholder marks a milestone for Cenomi Retail, signaling strong confidence in the company's growth trajectory and market leadership in Saudi Arabia's dynamic retail sector. Al-Futtaim brings significant capital, as well as retail expertise, operational capabilities, and a strong track record of building successful consumer platforms across the region. Omar Al Futtaim, Vice Chairman and CEO of Al-Futtaim, commented: 'Our investment in Cenomi Retail reflects our strong confidence in the Kingdom of Saudi Arabia's economy and its long-term Saudi Vision 2030. This investment represents substantial foreign direct investment from the UAE private sector and underscores the robust economic partnership between our countries. 'It strengthens our presence and customer reach in Saudi Arabia, a strategic market with solid fundamentals and a clear national vision. We see significant opportunities to support Cenomi Retail in enhancing operations, accelerating digital transformation, and expanding its brand portfolio. This partnership also paves the way for further collaborations in the dynamic Saudi market.' With presence across the Middle East, Asia, and Africa, Al-Futtaim brings a proven track record in retail, including exclusive operations of leading Inditex brands like Zara, Massimo Dutti, and Bershka across key markets such as Malaysia, Thailand, and Singapore, as well as other retail operations across the Kingdom of Saudi Arabia, the United Arab Emirates and Egypt. In a statement, the company said it 'believes this strategic collaboration will accelerate its ability to seize new opportunities and deliver long-term value to its shareholders'. Fawaz Abdulaziz Alhokair, one of the selling shareholders of Cenomi Retail, added: 'This transaction marks a transformative milestone for Cenomi Retail. By deleveraging our balance sheet and establishing a stronger financial foundation, we are reinforcing long-term partnerships with stakeholders and positioning the company to deliver sustainable growth and enhanced shareholder value. 'The entry of Al-Futtaim as a strategic investor in the company will provide it with the investor's deep sector expertise, operational scale, and a shared long-term vision. Al-Futtaim's global retail footprint, financial strength, and presence in the Kingdom make them an ideal strategic investor. 'This strategic investment unlocks significant value for all stakeholders and aligns with Saudi Arabia's Vision 2030 to diversify the economy and attract foreign investment.' Upon completion of the transaction, Al-Futtaim will work closely with Cenomi Retail's management and board to drive operational efficiencies and enhance customer offerings.
Hi Dubai
3 days ago
- Business
- Hi Dubai
Cenomi Retail Signs Share Purchase Agreement to Sell 49.95% Stake to Al-Futtaim
Cenomi Retail, Saudi Arabia's leading retail brand partner, today announced that its founding shareholders have signed a share purchase agreement (SPA) with Al-Futtaim, one of the region's most prominent and diversified private business groups. Pursuant to the SPA, Al-Futtaim will acquire a 49.95% stake in Cenomi Retail from the selling shareholders, namely, Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. The shares are priced at SAR 44 each, valuing the transaction at more than SAR 2.5 billion. As part of the completion conditions of the agreement, Al-Futtaim and Cenomi Retail are currently negotiating a shareholder loan agreement pursuant to which Al-Futtaim will extend a shareholder loan of an amount not less than SAR 1.3 billion, upon completion of the transaction, to help strengthen Cenomi Retail's balance sheet and support its next phase of growth, the entry of which is a completion condition for the private transaction between the selling shareholders and Al-Futtaim. This landmark deal represents a major milestone for Cenomi Retail, introducing Al-Futtaim as a long-term strategic shareholder and signaling strong confidence in the company's growth trajectory and market leadership in Saudi Arabia's dynamic retail sector. This strategic investment by Al-Futtaim in Cenomi Retail is a key step in the company's transformation journey. Al-Futtaim brings not only significant capital but also deep retail expertise, operational capabilities, and a strong track record of building successful consumer platforms across the region. The company believes this strategic collaboration will accelerate its ability to seize new opportunities and deliver long-term value to its shareholders. Al-Futtaim is one of the region's most established private business groups, with operations spanning automotive, financial services, real estate, retail, and healthcare across the Middle East, Asia, and Africa. The group brings a proven track record in retail, including exclusive operations of leading Inditex brands like Zara, Massimo Dutti, and Bershka across key markets such as Malaysia, Thailand, and Singapore, as well as other retail operations across the Kingdom of Saudi Arabia, the United Arab Emirates, and Egypt. Their global expertise and operational excellence will further enhance Cenomi Retail's platform and future growth trajectory. Fawaz Abdulaziz Alhokair, in his capacity as one of the selling shareholders of Cenomi Retail in the private transaction, said: 'This transaction marks a transformative milestone for Cenomi Retail and our shareholders. By deleveraging our balance sheet and establishing a stronger financial foundation, we are reinforcing long-term partnerships with stakeholders and positioning the company to deliver sustainable growth and enhanced shareholder value. The entry of Al-Futtaim as a strategic investor in the company will provide it with the investor's deep sector expertise, operational scale, and a shared long-term vision. Al-Futtaim's global retail footprint, financial strength, and presence in the Kingdom make them an ideal strategic investor. This strategic investment unlocks significant value for all stakeholders and aligns with Saudi Arabia's Vision 2030 to diversify the economy and attract foreign investment.' Omar Al Futtaim, Vice Chairman and CEO of Al-Futtaim: 'Our investment in Cenomi Retail reflects our strong confidence in the Kingdom of Saudi Arabia's economy and its long-term Saudi Vision 2030. This investment represents substantial foreign direct investment from the UAE private sector and underscores the robust economic partnership between our countries. It strengthens our presence and customer reach in Saudi Arabia, a strategic market with solid fundamentals and a clear national vision. We see significant opportunities to support Cenomi Retail in enhancing operations, accelerating digital transformation, and expanding its brand portfolio. This partnership also paves the way for further collaborations in the dynamic Saudi market.' Salim Fakhouri, Chief Executive Officer at Cenomi Retail, commented: 'Today's announcement demonstrates that Cenomi Retail is firmly on the right strategic path towards our next phase of growth, focused on scalable, high-performing global brands that drive long-term value to our shareholders. Having Al-Futtaim as a strategic investor enables us to capitalize on their proven capabilities and further solidify our leadership in the retail sector and position us for sustainable growth and compelling shareholder returns.' Upon completion of the transaction, Al-Futtaim will work closely with Cenomi Retail's management and board to drive operational efficiencies, enhance customer offerings, and unlock significant value for all shareholders. The transaction is subject to customary regulatory approvals, including clearance from the General Authority for Competition in Saudi Arabia, and other contractual conditions. Further updates will be provided as the transaction progresses. Cenomi Retail was supported by its exclusive financial advisor, Lazard, throughout this transaction execution. J.P. Morgan was appointed by Al-Futtaim as its exclusive financial advisor with respect to the transaction.
Zawya
3 days ago
- Business
- Zawya
UAE's Al-Futtaim to acquire 49.95% of Saudi's Cenomi Retail
RIYADH: Emirati conglomerate Al-Futtaim is to buy a 49.95% stake in Saudi Arabian franchiser Cenomi Retail in a deal worth more than 2.5 billion riyals ($667 million), Cenomi Retail said in a statement on Sunday. Cenomi Retail's founding shareholders signed a share purchase agreement with Al-Futtaim with shares priced at 44 riyals each, said the statement. As part of the share purchase agreement's completion conditions, the two companies are negotiating a shareholder loan of at least 1.3 billion riyals to boost Cenomi Retail's balance sheet. Cenomi Retail is a large franchiser in Saudi Arabia operating food and retail outlets, while Al-Futtaim of the United Arab Emirates is a private business group with operations ranging from financial services to real estate and retail. "This investment represents substantial foreign direct investment (FDI) from the UAE private sector and underscores the robust economic partnership between our countries," Al-Futtaim's Vice Chairman and CEO Omar al-Futtaim said in the statement. Saudi Arabia has been attempting to boost FDI as part of its Vision 2030 program to diversify the economy away from oil dependency and expand the private sector. ($1 = 3.7509 riyals) (Reporting by Pesha Magid; Editing by Aidan Lewis)
