Kuwaiti firm buys Monoprix, Geant Casino |
|
Network this!
BEIRUT: Sultan Center, a Kuwait-based company, announced that it has fully acquired Lebanon's Monoprix and Geant Casino supermarkets for $108 million.
In a statement to the press on Thursday, Sultan Center said that the agreement between Michel Abchi, the chairman of AdmicAdmic
Company, and a senior executive of Sultan Center was signed on July 28.
According to the contract, Sultan Center will acquire five Monoprix supermarkets which will be named "TSC Plus" and Geant supermarkets which will be named "TSC Mega."
The value of the acquisition jumped from $97 million to $108 million after Sultan Center decided to buy the stores' stocks for $11 million.
"The contract includes other details such as the lease contracts as well as guarantees to preserve the jobs of all the current staff," the CEO of Sultan Center Abdul Salam Badeer said in the statement.
He admitted that the two sides went to court to protect their own interest but assured that everything would be sorted out eventually.
"The contact is in line with the company's expansion strategy in the local and regional markets and especially the Lebanese market," Badeer said.
AdmicAdmic will still keep BHV stores and the Citi Center mall in Beirut.
Sultan Center has 47 stores in Kuwait, Oman and Jordan, and with the new acquisition in Lebanon, the number of its stores will reach 53.
Sultan Center employs more than 7,000 people in the region and generates more than $900 million in annual revenues.
© The Daily Star 2008
© Copyright The Daily Star 2008.
Comment on this article 
Loading ...-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Loading ...
from issuers in both public and private sectors. It is not an e-tendering service and is entirely FREE.
As an Issuer, you can benefit from posting an unlimited number of Tender
Notices for FREE and reaching out to an online community of bidders.
The service also offers you a tool to track the interest of bidders to your
tenders 'live' online.
| Consumer Goods Tenders | Due Date |
Stories
Companies
| Company Name | Country | Industry |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Saudi Electricity Company | Saudi Arabia | Electric Utilities |
| Emirates Aluminium Company | UAE | Metal Production |
| Dodsal Engineering and Construction | UAE | Construction and Design |
| Roads and Transport Authority - Dubai | UAE | Regulatory and Administrative Bodies |
| Commercial International Bank (Egypt) | Egypt | Banking |
| Emirates Telecommunications Corporation | UAE | Telecommunications Services |
| Pepsi Cola International (Middle East) | Region-wide | Beverages |
Projects
| Project Name | Country | Sector |
| Takreer - Ruwais Refinery Expansion | UAE | Oil and Gas |
| Emirates Aluminium (EMAL) - Smelter Complex - Phase 1 | UAE | Industry |
| ENEC - Nuclear Power Plant | UAE | Power and Water |
| Abu Dhabi DOT - Abu Dhabi Metro | UAE | Infrastructure |
| Dubai RTA - Dubai Metro | UAE | Infrastructure |
| SATORP - Jubail Refinery and Petrochemical Complex | Saudi Arabia | Oil and Gas |
| Al Safwa - Jeddah Cement Plant | Saudi Arabia | Industry |
| Qatar Bahrain Causeway Foundation - Qatar Bahrain Causeway | Qatar | Infrastructure |
| Qatar Bahrain Causeway Foundation - Qatar Bahrain Causeway | Bahrain | Infrastructure |
| SATORP- Jubail Refinery and Petrochemical Complex - Conversion Unit and Sulphur Package (Part 2) | Saudi Arabia | Oil and Gas |