Thursday, Jul 01, 2010
MADRID (Dow Jones)--Portuguese conglomerate Sonae SGPS (SON.LB) Thursday said its unit Sonae SR1 has signed a franchise agreement with Saudi firm Fawaz A. Alhokair & Co. (4240.SA) to open stores in the Middle East.
Sonae said in a filing with regulators the agreement includes the planned opening of 70 Zippy children's fashion stores within the next four years in Saudi Arabia, the United Arab Emirates, Egypt, Lebanon, Jordan, Qatar, Kuwait and Bahrain. The deal would also see stores open in Kazakhstan.
The agreement forms part of the company's international development model to enter new markets via low capital expenditures.
-Madrid Bureau, Dow Jones Newswires; (34) 91 395 8119; djmadrid@dowjones.com
(END) Dow Jones Newswires
01-07-10 1605GMT
