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Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) announces an update on Signing of a share purchase agreement with Abdullah Al-Othaim Fashion Company to Sell a subsidiary that will own the franchise rights for 18 Brands Delivering on Transformation Promise
| Element List | Explanation |
|---|---|
| Introduction | With reference to the Company’s announcement on 23/05/1445H corresponding to 07/12/2023G relating to the Signing of a share purchase agreement with Abdullah Al-Othaim Fashion Company to Sell a subsidiary that will own the franchise rights for 18 Brands Delivering on Transformation Promise The company announces the completion of the share purchase agreement for Innovative Outfit Trading Company , a subsidiary of Cenomi Retail, after obtaining the necessary approvals and completing the agreed upon commercial and regulatory conditions. |
| Previous Announcement | Fawaz Abdulaziz Alhokair & Co. (Cenomi Retail) Announces the Signing of a share purchase agreement with Abdullah Al-Othaim Fashion Company to Sell a subsidiary that will own the franchise rights for 18 Brands Delivering on Transformation Promise |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-12-07 Corresponding to 1445-05-23 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The ownership of the shares of Innovative Outfit Trading Company has been transferred to Abdullah Al-Othaim Fashion Company, which is intended to hold the franchise rights for the following 16 Brands and 226 stores: 1. ADL 2. Bijou Brigitte 3. Bizou 4. Flormar 5. GERRY WEBER 6. IKKS 7. Lasenza 8. Lipsy 9. Marie France 10. Monsoon 11. Oxxo 12. Quiz 13. Springfield 14. Undiz 15. Women Secret 16. Ziddy Two brands were excluded from the original deal after failing to secure the brands’ owners approval to transfer ownership of the franchise rights. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The value of the transaction after, adjusting the number of Brands, was estimated at SAR 115,220,000. In addition to SAR 4,652,438 in inventory adjustment subject to final physical count. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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