Riyadh – Mubasher: Saudi Marketing Co, known as Farm Superstores, received a mandatory tender offer from board chairman Hazem Fayez Alaswad to acquire its entire stake in Lebanon-based subsidiary Saudi Marketing and Trading.
Farm Superstores owns a 99.95% stake of its Lebanese unit with a book value of SAR 115.89 million, according to a statement to the Saudi Stock Exchange (Tadawul).
Saudi Marketing and Trading Holding Company owns and manages a mall named Beirut Mall, the Tadawul-listed firm said.
The six-month mandatory offer as of its date came to address the Saudi company’s loss from its Lebanon's unit which reached SAR 3.22 million in 2016, and SAR 2.22 million in the year before, the statement showed.
On Monday, Farm Superstores has signed a SAR 100 million ($26.7 million) credit facility with Banque Saudi Fransi to pay off capital expenditure (CAPEX) for the new branches.
By 10:25 am KSA time, Farm Superstores’ stock rose 1.02% to SAR 23.80.
