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Spinneys Raises Saudi Stake to 70%
Spinneys UAE has increased its stake in Spinneys Saudi Arabia from 50% to 70% in exchange for 18 million SAR (equivalent to 17.32 million AED), following the approval of its Board of Directors to acquire an additional share from the luxury food company. This move will strengthen the company's presence and investments in the Saudi market. It is important to note that the deal is still subject to regulatory approvals, including clearance from the Saudi General Authority for Competition. The company has been managing the operations of Spinneys Saudi Arabia since its establishment in 2022, and this investment is included in its consolidated financial statements.
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