|23 January, 2020

Saudi GAC approves Alhokair’s $90.66mln acquisition of Innovative Union Company

Alhokair signed the acquisition agreement in August 2019

Makkah Mall, one of the shopping malls operated by Arabian Centres, owned by Fawaz Alhokair Group, is pictured in Makkah, Saudi Arabia, April 17, 2019. Image used for illustrative purpose.

Makkah Mall, one of the shopping malls operated by Arabian Centres, owned by Fawaz Alhokair Group, is pictured in Makkah, Saudi Arabia, April 17, 2019. Image used for illustrative purpose.

REUTERS/Waleed Ali

Riyadh –  Fawaz Abdulaziz Alhokair Company (Alhokair) received the General Authority for Competition’s (GAC) approval for its acquisition of the Innovative Union Company, owned by Food and Entertainment Company.

The deal will have no financial impact on the company, Alhokair said in a bourse filing on Thursday.

It is noteworthy that during August 2019, Alhokair signed a purchase agreement to acquire 100% of the share capital of Innovative Union Company for SAR 340 million.

Source: Mubasher

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