‎Spinneys raises stake in Saudi unit to 70% in SAR 18M deal

‎<p><img src="https://argaamplus.s3.amazonaws.com/5fd9f51d-c864-48e0-a63c-2ba7cde2b9e8.png" ></p> <p class="ckeCaption" >Upon completion of the transaction, Spinneys ownership in Spinneys Saudi Arabia will increase from 50% to 70%.</p> <hr> <p >DFM-listed Spinneys 1961 Holding PLC’s board of directors approved the acquisition of an additional 20% stake in Al-Ma’kulat Al-Fakhirah for Food Products (Spinneys KSA) from Abdul Mohsen AbdulAziz Al Hokair Holding Group (Al Hokair), for SAR 18 million ($4.8 million/ AED 17.32 million).</p> <p ></p> <p >Spinneys said in a statement that, upon completion of the transaction, its ownership in Spinneys Saudi Arabia will increase from 50% to 70%.</p> <p ></p> <p >The company noted that it has managed the Saudi business since its establishment in 2022 and said the transaction will strengthen its presence and investment in the Saudi market.</p> <p ></p> <p >The food retailer added that the transaction remains subject to the required regulatory approvals, including approval from Saudi Arabia's General Authority for Competition (GAC).</p> <p ></p> <p >The company also noted that Spinneys Saudi Arabia is already fully consolidated in its financial statements under IFRS 10 – Consolidated Financial Statements, based on its management control.</p>

Publication

Argaam - Company Disclosures · Stock Exchange/Regulatory Announcements

Published

31st July 2026

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argaam.com

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