Saudi Zara retailer Fawaz Al Hokair buys restaurants and cafes for 340 mln riyals
Saudi Arabian retailer Fawaz Abdulaziz Al Hokair has acquired restaurants and cafes in a deal worth 340 million Saudi riyals ($90.7 million), it said in a bourse filing on Monday.
The company bought 100 per cent share capital of Innovative Union Company owned by Food and Entertainment Company Ltd.
The acquisition is in line with the retailer’s new strategy to expand its food business and will “create strong growth potential for the company with the opening of 80 new branches during the next five years”, it said.
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