Farm Superstores receives offer to sell Lebanon subsidiary

27/03/2018 Argaam

 

Saudi Marketing Co. (Farm Superstores) has received a six-month binding offer from chairman, Hazem Al Aswad, for the purchase of its entire stake (99.5%) in Lebanese subsidiary, Saudi Marketing and Trading Company, the company said in a bourse filing.

 

The offer entails for the higher amount of either market value or net book value of SAR 115.89 million.

 

The Lebanon-based subsidiary owns and operates a commercial mall, namely Beirut Mall.

 

The loss-making business cost the company some SAR 3.22 million in 2016 and SAR 2.24 million in 2015.

 

The offer remains to be assessed and reviewed by the general assembly, the company said.

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