Investcorp lists retail giant BinDawood Holding on Tadawul

This marks the 3rd investment that Investcorp has exited through a public share sale over the last four years in the kingdom

  
A man checks his mobile phone next to a screen with Saudi Stock Exchange (Tadawul) prices in Riyadh, Saudi Arabia September 16, 2019. REUTERS/Stringer

A man checks his mobile phone next to a screen with Saudi Stock Exchange (Tadawul) prices in Riyadh, Saudi Arabia September 16, 2019. REUTERS/Stringer

Investcorp, a global provider and manager of alternative investment products, has listed its portfolio company BinDawood Holding on the Saudi Stock Exchange (Tadawul).

BinDawood Holding is one of the leading grocery retail operators of hypermarkets and supermarkets in the kingdom. It has a total of 73 stores of which 51 are hypermarkets and 22 are supermarkets, operating under the BinDawood and Danube brands located nationwide.

Investcorp acquired a minority stake in BinDawood in 2016. This marks the 3rd investment that Investcorp has exited through a public share sale over the last four years in the kingdom, following the public offerings of L’azurde Company for Jewelry in 2016 and Leejam Sports Company (Fitness Time) in 2018.

Walid Majdalani, Head of Private Equity MENA and South East Asia: “Since our acquisition of BinDawood Holding, we worked closely with the management team to help them deliver on their strategic growth plans, enhance the company’s value, optimize their operational leverage and implement a best-in-class framework to scale their operations. This is the third family owned business that Investcorp takes public in Saudi Arabia while creating significant growth and value creation for such companies as well as our clients and other stakeholders.”

Ahmad Abdulrazzaq BinDawood, Chief Executive Officer, BinDawood Holding, said: “Investcorp representatives shall remain on our Board following the listing, which will provide the company with the advantage of continuing stability and stewardship as we accelerate our growth strategy to become the leading supermarket operator in the Kingdom of Saudi Arabia.”

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

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