Doha: The famous Al Meera chain of consumer cooperatives plans to take over Giant Stores and launch a major expansion.
Al Meera plans to ink a deal with Al Muhaidib Group of Saudi Arabia, the owners of Giant Stores in Qatar, to buy 100 percent stake Giant Stores chain, Qatar News Agency (QNA) reported yesterday.
Giant Stores runs its operations in Qatar through the Qatar Market Company.
The two parties have agreed on the value of the deal, and will finalise the agreement after completing some legal procedures.
The deal, according to an Al Meera statement, will include the acquisition of Al Oumara Bakery Company as well. Al Oumara Bakery Company produces and sells bakery products through its outlets in Giant Stores.
Al Meera's Board of Directors said the deal would be an additional value to the company and in line with its vision and expansion strategy will provide excellent services to customers.
The company is on its way to open new branches in different areas of the country to maximize revenues and enhance competitiveness in the Qatari market.
Giant Stores (retailing foodstuff and consumer goods) have been operating in Qatar since 2003 through four outlets and has a balanced business between Hyper/Supermarket. Its main branch is located at Hyatt Plaza.
Giant Stores have other branches located at Airport Road, Al Mirqab and Ummghuwailina (near Sana roundabout).
© The Peninsula 2011
