Cenomi Retail completes deal to sell Innovative Outfit shares for SAR 115.2M

Logo of Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) 

Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) concluded a share purchase agreement to sell 100% of its subsidiary, Innovative Outfit Trading Co., to Abdullah Al-Othaim Investment Co.’s wholly-owned unit, Abdullah Al-Othaim Fashion Co.

The move comes after obtaining the required approvals and completing the agreed-upon commercial and regulatory conditions, according to a statement to Tadawul.

Under the agreement, Abdullah Al-Othaim Fashion Company acquires the franchise rights for 16 brands and 226 stores: ADL, Bijou-Brigitte, Bizou, Flormar, GERRY WEBER, IKKS, La Senza, Lipsy, Marie France, Monsoon, OXXO, QUIZ, Springfield, Undiz, Women'secret, and Ziddy.

Two brands were excluded from the original agreement as their owners refused to approve the transfer of franchise rights, the statement added.

After adjusting the number of transferred brands, the deal value was estimated at SAR 115.22 million, in addition to the inventory value of SAR 4.65 million, subject to the final inventory.

Cenomi Retail signed the share purchase agreement on Dec. 6, according to data compiled by Argaam.