Business


Safeer sells its retail outlets in Oman to Qatar-based firm



Muscat: Al Meera Holding Co, a subsidiary of Al Meera Consumer Goods Co, and Al Meera Development Company, have signed a Sale and Purchase Agreement (SPA) to buy assets of Safeer stores in Oman, according to a company statement on the Qatar Stock Market yesterday.    

The SPA entails Al Meera Holding acquiring hypermarkets and supermarkets assets under the Safeer brand name and operated by its entities at Al Falaj, Al Khuwair, Athaiba, Sohar and Barka in the Sultanate of Oman.

Al Meera Holding and Al Meera Development, both limited liability companies, along with the National Investment Funds Company (NIFCO) are in the process of incorporating two subsidiary companies in the Sultanate, namely Al Meera Oman (SAOC) and Al Meera Markets (SAOC) to manage the business acquired in Oman, according to a news report.  Al Meera Holding will have a 69 per cent stake, NIFCO will hold 30 per cent while Al Meera Development will have 1 per cent, the Qatar exchange report added.

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