Saudi Arabian Centres, Alhokair complete acquisition of 51% stake in VogaCloset

Each company will acquire 39,253 ordinary shares in Vogacloset for $18.37mln

  
Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26,2008.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26,2008.

REUTERS/Stringer
Riyadh –  Arabian Centres Company and Fawaz Abdulaziz Alhokair Company have concluded the acquisition of 51% equity in the e-commerce platform VogaCloset Limited.

Each company will acquire 39,253 ordinary shares in Vogacloset for SAR 68.9 million, according to a bourse filing on Monday.

Both Arabia Centres and Alhokair will transfer the acquired shares in Vogacloset to FAS Labs, a newly established limited liability firm that is equally owned by the two parties of the acquisition transaction.

The two listed companies will consolidate the investment in FAS Labs into their income statements as of the third quarter (Q3) of 2022.

Last March, Alhokair and Arabian Centres announced their plan to acquire a combined 51% stake in VogaCloset

Source: Mubasher

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