Recently, «Sinomi Retail», a key player in the Saudi retail sector, announced that several major shareholders have successfully concluded a share purchase agreement with Al-Futtaim. Under the terms of this deal, Al-Futtaim acquired 49.95% of the shares in «Sinomi Retail» for a total of 2.52 billion Saudi Riyals, translating to a price of 44 Riyals per share.
As part of this transaction, Al-Futtaim has also agreed to provide a shareholder loan facility of 1.35 billion Riyals, aimed at strengthening the financial position and enhancing the flexibility of «Sinomi Retail» to bolster its growth prospects. This shareholder loan agreement allows Al-Futtaim the option to convert the loan into shares of «Sinomi Retail». Salim Fakhouri, the CEO of «Sinomi Retail», stated, “This strategic partnership with Al-Futtaim marks the beginning of a new era for «Sinomi Retail», where we will collaborate to accelerate innovation, improve our operational efficiency, and enhance our digital capabilities.”