Saudi-listed retail firms suspend merger plans

Saudi-listed retail firms suspend merger plans

Two major Saudi conglomerates have shelved their merger plans to create a new retail powerhouse. Arabian Centres Company (Cenomi Centers) and Fawaz Abdulaziz Alhokair Company (Cenomi Retail) have agreed to end talks on a merger proposal until further notice, the companies said in separate statements to the Saudi stock exchange. “The conditions and timing are […]Two major Saudi conglomerates have shelved their merger plans to create a new retail powerhouse.

Arabian Centres Company (Cenomi Centers) and Fawaz Abdulaziz Alhokair Company (Cenomi Retail) have agreed to end talks on a merger proposal until further notice, the companies said in separate statements to the Saudi stock exchange.

“The conditions and timing are currently not ideal for the business combination”, they stated.

The companies in May disclosed that talks were underway for a potential merger.

Both companies announced a full rebrand in December under the newly created Cenomi Group.

Cenomi Group is a private family company and does not disclose its financials. However, Cenomi Retail and Cenomi Centers are listed on the domestic bourse.

Cenomi Retail is active in 1,500 stores across 100 shopping malls in 11 countries, while Cenomi Centers has a portfolio of 21 assets located in 10 major Saudi cities, attracting over 109 million visitors a