Al Futtaim to Buy $666 Million Stake in Cenomi Retail (1)

Al Futtaim Retail has agreed to buy a major stake in Saudi Arabian firm Cenomi Retail for 2.5 billion riyals ($666 million).

The United Arab Emirates-based firm plans to purchase 49.95% of the share capital of Cenomi Retail from shareholders including Saudi FAS Holding Company and FAS Real Estate Company, according to a statement on Sunday.

The shares will be purchased at 44 riyals a piece — a premium of about 33% to Thursday’s closing price on the Saudi exchange. Cenomi Retail fell 10% to close at 29.70 riyals on Sunday after a volatile session.

Al Futtaim is also in ...