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FinancialNews
04-03-21
Saudi retail players to buy joint 51 percent stake in UK-based e-commerce platform
(MENAFN)As reported, two major Saudi retail players enrolled with forces to buy a joint 51 percent stake in UK-based e-commerce platform Vogacloset.
Tadawul filings by each company stated that Retail franchise conglomerate Fawaz Abdulaziz Alhokair Co. (Alhokair) and shopping center operator Arabian Centers Company (ACC) will have 25.5 percent of Vogacloset, at a cost of SR68,856,933 (USD18,360,254).
A press statement showed that the new buyers are going to set USD12 million into Vogacloset “to further develop its presence in the Saudi market, accelerate the growth of its active customer base and support the integration of Alhokair brands and ACC tenant brands onto the e-commerce platform.”
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