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![video link button](/Content/en/images/attachement-icon.jpg)
Logo of Abdullah Al Othaim Markets Co.
Abdullah Al Othaim Markets Co. received the bid submitted from Al Othaim Holding Co. for the purchase of its stake, after cancelling the initial public offering (IPO) of Abdullah Al Othaim Investment Co. (AOIC)), said Deputy Chairman Bader AlAujan.
He added that the board of directors approved the stake sale after studying the bid and comparing the price range that was 15% higher than the average price in the IPO's price range.
In an interview with Asharq News, AlAujan stated that the price range offered by the financial advisor was between SAR 50 and SAR 58 apiece, while the bid was about SAR 62 per share.
The deal came based on the company's strategy and vision to focus on the main activity of retail supply and investment in complementary activities, according to the official.
As for the deal's impact on the company, AlAujan stated that Al Othaim Markets has a clear strategy and ambitious plans for the upcoming five years with regard to regional expansion, adding that the agreement comes as part of such a strategy.
He noted that, upon the deal completion, the board of directors will hold a discussion with the executive management about future needs, indicating that the company has "outstanding" cash flows, in addition to its high borrowing capacity in case of need, after which the surplus will be distributed.
Al Othaim Markets' board of directors approved, on July 7, the offer submitted by Al Othaim Holding Co. to acquire the former’s entire stake in AOIC for SAR 62 per share, totaling SAR 846.54 million.
Al Othaim Holding owns a 33.67% stake in the Tadawul-listed Al Othaim Markets and holds 60.35% of AOIC, according to Argaam’s data.
AOIC scrapped plans for an IPO of 30% of its capital on Tadawul, Argaam earlier reported.
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Al Othaim approves selling full stake in investment arm to Al Othaim Holding for SAR 846.5 mln |
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