Monday, Jul 18, 2011
DUBAI (Zawya Dow Jones)--Fawaz Abdulaziz Alhokair and Co. (4240.SA) said Monday it won't go ahead with a plan to buy United Arab Emirates-based Retail Group Gulf.
The firm said in a statement on the Saudi bourse website that it canceled the plan due to "lack of feasibility of the project at the moment."
Last year, Alhokair bought Retail Group Egypt for 21.2 million Saudi riyals ($5.7 million) and Retail Group Jordan for SAR27.1 million as part of its expansion plans.
It had earlier signed a memorandum of understanding to buy Retail Group Egypt, Retail Group Jordan and Retail Group Gulf, valued by Ernst & Young valued at a combined SAR72.1 million.
Fawaz Abdulaziz Alhokair shares last traded Monday down 0.9% at SAR46.70 in a slightly negative overall market.
-By Summer Said, Dow Jones Newswires; +966-546-842-373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
18-07-11 0857GMT
