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Logos of Arabian Centres Co. and Fawaz Abdulaziz Alhokair Co.
FAS Labs, equally owned by Arabian Centres Co. and Fawaz Abdulaziz Alhokair Co., signed an agreement with valU for Consumer Finance S.A.E. (valU), on June 5, to sell its 35% stake in FAS Finance to valU.
Accordingly, FAS Labs will hold 65% of FAS Finance's capital, which stands at SAR 55 million, while the remaining 35% will be held by valU.
In separate statements to Tadawul, Arabian Centers and Fawaz Alhokair stated that upon completing the transaction, ACC’s indirect ownership in FAS Finance will stand at 32.5% via its 50% stake in FAS Labs. The change in ownership is subject to the approval of the Saudi Central Bank (SAMA) and other regulatory authorities.
FAS Labs strategic partnership with valU will expedite FAS Finance’s ability to build and scale an integrated shopping platform that provides an array of accessible digital payment solutions, while capitalizing on valU’s existing positioning, technological capabilities, and well-established track record.
valU is a subsidiary of EFG Hermes and is MENA’s leading BNPL fintech platform offering convenient and customizable financing plans for up to 60 months. With more than 5,000 points of sale and over 200 websites, valU offers access to a vast network of retail and e-commerce providers.
FAS Finance will provide its customers in Saudi Arabia with a variety of microfinance solutions, with the aim being to build a fully integrated shopping platform that engages consumers through the entire purchase journey, from prepurchase to post-purchase. valU’s solutions will be available across ACC’s tenants, located across 21 shopping malls in 11 major Saudi cities.
However, the preliminary approval obtained by FAS Labs does not constitute a final license and is subject to the completion of the incorporation of FAS Finance according to the Ministry of Commerce’s Companies Law. The
approval also stipulates that FAS Finance shall meet all incorporation requirements within six months from the approval date to secure the final license.
Any material developments, including once FAS Labs receives the final license from SAMA, will be announced in due course.
ACC and Fawaz Alhokhair subsidiary, FAS Labs, obtained, on Jan. 27, SAMA’s initial approval on setting up FAS Finance - a closed joint-stock digital consumer microfinance company (Shariah-compliant) - to be fully-owned by FAS Labs and with a capital of SAR 55 million, regulated by the Finance Companies Control Law and its Implementing Regulations.
For More Mergers and Acquisitions
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Arabian Centres-Fawaz Alhokair-owned FAS Labs gets SAMA nod to set up microfinance firm |
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