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SPINS Raises Saudi Stake to 70
Spinneys 1961 Holding Company has announced its approval to increase its stake in Spinneys Saudi Arabia from 50% to 70% at a cost of 18 million riyals, enhancing its presence in the Saudi market. This move follows the acquisition of an additional share in the subsidiary, a step that requires regulatory approval from the Saudi Competition Authority. Spinneys Saudi Arabia has been managing operations since its establishment in 2022 and is consolidated into the parent company's financial statements in accordance with international standards, aiming to support its investments in the Saudi market.
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