Fawaz Abdulaziz Alhokair & Co.(Cenomi Retail) Announces the Signing of a Variation Agreement to the Share Purchase Agreement dated 15/07/1444H (corresponding to 06/12/2023G) with Abdullah Al-Othaim Fashion Company to Sell the franchise rights for 5 Brands : Aldo & Aldo Accessories , Charles & Keith , Pedro and La Vie En Rose Delivering on Transformation Promise

Fawaz Abdulaziz Alhokair & Co.(Cenomi Retail) Announces the Signing of a Variation Agreement to the Share Purchase Agreement dated 15/07/1444H (corresponding to 06/12/2023G) with Abdullah Al-Othaim Fashion Company to Sell the franchise rights for 5 Brands : Aldo & Aldo Accessories , Charles & Keith , Pedro and La Vie En Rose Delivering on Transformation Promise

Announcement Detail

Fawaz Abdulaziz Alhokair & Co (Cenomi Retail) the pioneering retail brand partner of choice in Saudi Arabia and international markets, has signed a variation agreement of the Share Purchase Agreement dated 15/07/1444H (corresponding to 06/12/2023G) with Abdullah Al-Othaim Fashion Company, a fully owned subsidiary of Abdullah Al-Othaim Investment Company (Al Othaim) to sell the franchise rights for an additional 5 Brands: Aldo & Aldo Accessories , Charles & Keith , Pedro and La Vie En Rose, operated by Cenomi Retail and their related assets. The sale forms part of Cenomi Retail’s on-going turnaround strategy of focusing on Champion Brands. Following completion of the transactions contemplated under the variation agreement, Al Othaim will own the franchise rights for the following 5 Brands; Aldo & Aldo Accessories , Charles & Keith , Pedro and La Vie En Rose, their corresponding 121 stores and related store assets for the agreed price of SAR 219 million. An additional consideration for inventory on-hand will be calculated at the time of deal closing and store handover. The five brand assets will be transferred through the acquisition by AlOthaim of