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Jul 24 2012

Saudi Fawaz Alhokair Co Inks SAR730 Mln Deal To Buy NESK Group

Tuesday, Jul 24, 2012

RIYADH (Zawya Dow Jones)--Saudi Arabian retailer Fawaz Abdulaziz Alhokair & Co. (4240.SA) said Tuesday it has signed a share-purchase agreement to buy NESK Group for Trading Project LLC for 730 million Saudi riyals ($194.7 million).

The acquisition will be financed mainly via a long-term loan, Alhokair said in a statement posted on the Saudi bourse website.

NESK franchises several brands including Mango, Stradivarius, Okaidi and Jerry Weber in the kingdom, according to the statement.

-By Ellen Knickmeyer, Dow Jones Newswires, +971 55 1093359, ellen.knickmeyer@dowjones.com; Twitter: @ZDJnews

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

24-07-12 0807GMT


© Copyright Zawya. All Rights Reserved.


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