Latest news with #SharePurchaseAgreement
Zawya
a day ago
- Business
- Zawya
Cenomi Retail announces the signing of a share purchase agreement between its founding shareholders and Al-Futtaim
Al-Futtaim enters into a Share Purchase Agreement (SPA) to acquire 49.95% of Cenomi Retail from its founding shareholders namely, Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. Shares are priced at SAR 44 each, valuing the transaction at more than SAR 2.5 billion. Al-Futtaim and Cenomi Retail are currently negotiating, as part of the SPA completion conditions, entering into a shareholder loan agreement for the provision of an amount not less than SAR 1.3 billion shareholder loan upon completion of the transaction, to strengthen Cenomi Retail's balance sheet and fuel its growth ambitions. Al-Futtaim, as a strategic investor, and a prominent private business group, brings strategic alignment, operational strength, and long-term confidence in Cenomi Retail's growth strategy. This milestone of a foreign direct investment aims to reinforce Saudi Arabia's position as a premier destination for global capital, while advancing Vision 2030 goals through private sector empowerment, scalable retail expansion, and digital transformation. Dubai, United Arab Emirates: Cenomi Retail, Saudi Arabia's leading retail brand partner, today announced that its founding shareholders have signed a share purchase agreement (SPA) with Al-Futtaim, one of the region's most prominent and diversified private business groups. Pursuant to the SPA, Al-Futtaim will acquire a 49.95% stake in Cenomi Retail from the selling shareholders, namely, Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. The shares are priced at SAR 44 each, valuing the transaction at more than SAR 2.5 billion. As part of the completion conditions of the agreement, Al-Futtaim and Cenomi Retail are currently negotiating a shareholder loan agreement pursuant to which Al-Futtaim will extend a shareholder loan of an amount not less than SAR 1.3 billion, upon completion of the transaction, to help strengthen Cenomi Retail's balance sheet and support its next phase of growth, the entry of which is a completion condition for the private transaction between the selling shareholders and Al-Futtaim. This landmark deal represents a major milestone for Cenomi Retail, introducing Al-Futtaim as a long-term strategic shareholder and signaling strong confidence in the company's growth trajectory and market leadership in Saudi Arabia's dynamic retail sector. This strategic investment by Al-Futtaim in Cenomi Retail is a key step in the company's transformation journey. Al-Futtaim brings not only significant capital but also deep retail expertise, operational capabilities, and a strong track record of building successful consumer platforms across the region. The company believes this strategic collaboration will accelerate its ability to seize new opportunities and deliver long-term value to its shareholders. Al-Futtaim is one of the region's most established private business groups, with operations spanning automotive, financial services, real estate, retail, and healthcare across the Middle East, Asia, and Africa. The group brings a proven track record in retail, including exclusive operations of leading Inditex brands like Zara, Massimo Dutti, and Bershka across key markets such as Malaysia, Thailand, and Singapore, as well as other retail operations across the Kingdom of Saudi Arabia, the United Arab Emirates and Egypt. Their global expertise and operational excellence will further enhance Cenomi Retail's platform and future growth trajectory. Fawaz Abdulaziz Alhokair, in his capacity as one of the selling shareholders of Cenomi Retail in the private transaction: 'This transaction marks a transformative milestone for Cenomi Retail and our shareholders. By deleveraging our balance sheet and establishing a stronger financial foundation, we are reinforcing long-term partnerships with stakeholders and positioning the company to deliver sustainable growth and enhanced shareholder value. The entry of Al-Futtaim as a strategic investor in the company will provide it with the investor's deep sector expertise, operational scale, and a shared long-term vision. Al-Futtaim's global retail footprint, financial strength, and presence in the Kingdom make them an ideal strategic investor. This strategic investment unlocks significant value for all stakeholders and aligns with Saudi Arabia's Vision 2030 to diversify the economy and attract foreign investment.' Omar Al Futtaim, Vice Chairman and CEO of Al-Futtaim: 'Our investment in Cenomi Retail reflects our strong confidence in the Kingdom of Saudi Arabia's economy and its long-term Saudi Vision 2030. This investment represents substantial foreign direct investment from the UAE private sector and underscores the robust economic partnership between our countries. It strengthens our presence and customer reach in Saudi Arabia, a strategic market with solid fundamentals and a clear national vision. We see significant opportunities to support Cenomi Retail in enhancing operations, accelerating digital transformation, and expanding its brand portfolio. This partnership also paves the way for further collaborations in the dynamic Saudi market.' Salim Fakhouri, Chief Executive Officer at Cenomi Retail: 'Today's announcement demonstrates that Cenomi Retail is firmly on the right strategic path towards our next phase of growth, focused on scalable, high-performing global brands that drive long-term value to our shareholders. Having Al-Futtaim as a strategic investor enables us to capitalize on their proven capabilities and further solidify our leadership in the retail sector and position us for sustainable growth and compelling shareholder returns.' Upon completion of the transaction, Al-Futtaim will work closely with Cenomi Retail's management and board to drive operational efficiencies, enhance customer offerings, and unlock significant value for all shareholders. The transaction is subject to customary regulatory approvals, including clearance from the General Authority for Competition in Saudi Arabia, and other contractual conditions. Further updates will be provided as the transaction progresses. Cenomi Retail was supported by its exclusive financial advisor, Lazard, throughout this transaction execution. J.P. Morgan was appointed by Al-Futtaim as its exclusive financial advisor with respect to the transaction. Read more here: About Al-Futtaim Established in the 1930s as a trading business, Al-Futtaim today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab across 18 countries in the Middle East, North Africa and Asia, the Group spans key sectors including automotive, financial services, real estate, retail, and health. Al-Futtaim's work is driven by a clear purpose: to enrich lives and elevate communities through practical, forward-looking a workforce of nearly 33,000 people, Al-Futtaim represents a portfolio of over 200 of the world's most recognised and trusted brands, including Toyota, Lexus, IKEA, ACE, Marks & Spencer, and many a strong focus on digital innovation and artificial intelligence, sustainable growth, strategic partnerships, and empowering its people, Al-Futtaim's approach is anchored in long-term value creation. Its integrated business model positions the Group as a reliable partner to stakeholders—supporting customers, communities, and collaborators alike in navigating the needs of today while planning for tomorrow. Underpinned by the values of respect, excellence, collaboration, and integrity, Al-Futtaim continues to build a legacy that reflects its responsibility to people, progress, and the planet. For more information, visit: About Cenomi Retail: Cenomi Retail, formed as Fawaz A. Alhokair & Co in 1990 by Fawaz, Abdulmajeed and Salman Alhokair. The company has since become the leading franchise retailer in KSA and the only listed business of its type in the Middle East. Since the opening of its first store in 1991, Cenomi Retail has grown considerably and now trades in 808 stores across 165 shopping malls in 8 countries, with a retail platform covering a total GLA of about 332 thousand square meters. All of this is managed by a workforce numbering more than 7,000. Cenomi Retail currently represents 47 brands, spanning womenswear, kids and baby, department stores, shoes and accessories, cosmetics in addition to operating a series of restaurants and coffee shops. For more information, please visit For media enquiries, contact: Disclaimer This communication contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can be identified by the use of such words and phrases as 'according to estimates', 'anticipates', 'assumes', 'believes', 'could', 'estimates', 'expects', 'intends', 'is of the opinion', 'may', 'plans', 'potential', 'predicts', 'projects', 'should', 'to the knowledge of', 'will', 'would' or, in each case their negatives or other similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements containing information on future financial results, plans, or expectations regarding our business and management, our future growth or profitability and general economic and regulatory conditions and other matters affecting us. Forward-looking statements reflect our management's ('Management') current views of future events, are based on Management's assumptions, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The occurrence or non-occurrence of an assumption could cause our actual financial condition and results of operations to differ materially from, or fail to meet expectations expressed or implied by, such forward-looking statements. Our business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to become inaccurate. These risks include fluctuations prices, costs, ability to retain the services of certain key employees, ability to compete successfully, changes in political, social, legal or economic conditions in Saudi Arabia, worldwide economic trends, the impact of war and terrorist activity, inflation, interest rate and exchange rate fluctuations and Management's ability to timely and accurately identify future risks to our business and manage the risks mentioned above.
Business Standard
4 days ago
- Business
- Business Standard
Board of Tata Comm approves entering into inter-group share purchase agreement
The Board of Tata Communications at its meeting held on 17 July 2025 approved entering into an Intra-Group Share Purchase Agreement ('SPA') for the acquisition of the entire equity share capital of its step down wholly-owned subsidiary viz., Solutions Infini Technologies (India) (SI India) from Kaleyra S.P.A. for an aggregate fair value consideration of Rs 123.6 crore, in accordance with the terms and conditions mutually agreed under the SPA. The proposed transaction is intended to simplify existing group structure of the Company and its subsidiaries by moving SI India under direct ownership of the Company without any change in the ultimate ownership and beneficial economic interest of the Company in SI India.
India.com
4 days ago
- Business
- India.com
THIS company hits upper circuit, shares update on proposed acquisition
25 महीने में करोड़पति बन गए निवेशक Shares of Elitecon International, a fast-moving consumer goods (FMCG) company, continued their upward trajectory on Thursday, July 17, 2025. This was a remarkable feat, considering the market's volatility due to fresh foreign fund outflows. The counter opened with a significant gain of 5 per cent today at Rs 119.11, a clear indication of the company's resilience. This also marks a fresh 52-week high for the company, a testament to its strong performance even in challenging market conditions. Company Shares Update On Proposed Acquisition On a different note, the company has made a strategic decision regarding its proposed acquisition. In a recent filing to the exchanges, the company's board has decided to put the acquisition of 100 per cent equity shares of Prime Place Spices Trading LLC on hold. This decision, which renders the earlier signed Share Purchase Agreement and related documents null and void, is a clear indication of the company's careful and informed approach to its business dealings. Share Price History According to BSE Analytics, Elitecon International's stock has delivered an outstanding return of 1,048 per cent so far this year, and an impressive 808 per cent in the past six months. This exceptional performance is a testament to the company's strong market position and its ability to generate high returns for its investors. Meanwhile, the BSE has placed the stock under the Short Term Additional Surveillance Measure Stage 4 (ST ASM-4) framework. This measure, which is implemented to [explain the purpose of the measure], could potentially [describe the potential impact on the stock's trading]. Stock Market Today Equity benchmark indices Sensex and Nifty started the day on a firm note on Thursday but later faced selling pressure, with investors remaining in a wait-and-watch mode, as hopes are pinned on a favourable outcome from the US-India trade talks. Fresh foreign fund outflows also dented investors' sentiment as they preferred staying on the sidelines. The 30-share BSE Sensex climbed 119.05 points to 82,753.53 in opening trade. The 50-share NSE Nifty went up by 18.7 points to 25,230.75. However, later the BSE benchmark quoted 71.51 points lower at 82,554.47, and the Nifty traded 30.30 points down at 25,182.55.
Mint
4 days ago
- Business
- Mint
Multibagger small-cap stock hits upper circuit despite rising 10,700% in one year. Do you own?
Elitecon International share price hit the upper circuit on Thursday, touching a new 52-week high amid sustained buying interest. The small-cap stock rose 5% to a fresh peak of ₹ 119.11 apiece on the BSE. Notably, Elitecon International stock price has locked in the upper circuit in eighteen out of the last nineteen trading sessions, reflecting strong bullish momentum. The latest gains in Elitecon International share price comes after the company announced that its board of directors have put on hold the proposed acquisition of Prime Place Spices Trading LLC. Elitecon International board, at its meeting held on Wednesday, July 16, 2025, discussed the status of the proposed acquisition of 100% equity shares of Prime Place Spices Trading LLC from its sole shareholder Santosh Sharma, as previously approved. 'Based on the findings from the ongoing legal and financial due diligence process through the internal and external team, the Board has identified several critical gaps and unresolved concerns that materially impact the viability of the transaction,' Elitecon International said in a regulatory filing on July 16. These include serious issues related to the integrity and verifiability of major key financial metrics, asset quality and supporting documentation, all of which are essential for a transaction of this nature, it added. Despite multiple follow-ups, the company said the required information has not been satisfactorily provided. 'As a result, the Board has resolved to place the proposed acquisition on hold and the earlier signed Share Purchase Agreement along with related documents shall be considered null and void. The transaction may be reconsidered in the future upon receipt and satisfactory review of all necessary clarifications and supporting records,' said the company. The deferment shall be effective immediately and shall stay in place until satisfactory and verifiable resolution or documents or information is submitted and evaluated, it added. Consequently, the company has also cancelled the Extra Ordinary General Meeting (EGM) scheduled to be held on August 06, 2025, to seek approval from the members of the company for the said acquisition. Moreover, the company's board has given a deadline of August 16, 2025, to the target entity to resolve and submit necessary explanations/ documents to the satisfaction of the Board in order to reinitiate the discussion regarding the acquisitions of the Target Company failing which the proposed transaction shall be deemed to be closed, it added. Elitecon International share price has delivered exceptional returns across multiple timeframes. The small-cap stock has surged 107% over the past month and 208% in the last three months. Over a six-month period, Elitecon International shares have generated multibagger returns of 808%, while delivering a remarkable year-to-date (YTD) gain of 1,050%. Notably, the small-cap stock has skyrocketed 11,800% over the past five years. At 12:50 PM, Elitecon International share price was still locked at 5% upper circuit of ₹ 119.11 apiece on the BSE. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
India.com
30-06-2025
- Business
- India.com
Torrent Pharma To Buy Controlling 46.39% Stake In JB Chemicals For Rs 25,689 Crore
New Delhi: Torrent Pharmaceuticals, the flagship company of the Torrent Group, on Sunday announced to buy a controlling 46.39 per cent stake in JB Chemicals and Pharmaceuticals from global investment firm KKR at an equity valuation of Rs 25,689 crore. After the acquisition, Torrent plans to merge JB Chemicals with itself. "The transaction marks a significant step in Torrent's ambition to create a future-ready, diversified healthcare platform combining a deep chronic segment heritage with emerging international CDMO capabilities," said JB Chemicals and Pharmaceuticals Limited in an exchange filing. The transaction will be executed in 2 phases. The first phase includes the acquisition of 46.39 per cent equity stake (on a fully diluted basis) through a Share Purchase Agreement (SPA) at a consideration of Rs 11,917 crores, followed by a mandatory open offer to acquire up to 26 per cent of JB Pharma shares from public shareholders at an open offer price of Rs 1,639.18 per share. In addition to the above, Torrent has also expressed its intent to acquire up to 2.80 per cent of equity shares from certain employees of JB Pharma at the same price per share as KKR. The second phase includes 'merger between Torrent and JB Pharma through a scheme of arrangement'. As per the approval given by the Board of Directors of both companies, upon merger of JB Pharma with Torrent, every shareholder holding 100 shares in JB Pharma will receive 51 shares of Torrent, the exchange filing read. 'We are pleased to have on board the JB Pharma heritage and build on the platform for the future. Torrent's deep India presence and JB Pharma's fast growing India business, combined with the CDMO and international footprint offers immense potential to scale both revenue and profitability,' said Samir Mehta Executive chairman, Torrent This strategic alignment furthers our goal of strengthening our presence in the Indian pharma market, and build a larger diversified global presence. Moreover, the CDMO platform provides a new long-term avenue of growth for Torrent,' he mentioned. According to Gaurav Trehan, Co-Head of Asia Pacific and Head of Asia Pacific Private Equity, KKR, and CEO of KKR India, JB Pharma's transformation under their stewardship is a testament to KKR's ability to scale high-quality companies. 'We are proud to have collaborated with JB Pharma's management team, led by Nikhil Chopra, to bring the breadth of KKR's global experience and operational expertise to support the company's organic and inorganic growth, and help JB Pharma become one of India's fastest growing branded pharmaceutical companies,' he noted. Both the SPA and Scheme are subject to standard requisite statutory and regulatory approvals, including from Securities and Exchange Board of India (SEBI), Stock Exchanges, the Competition Commission of India (CCI), National Company Law Tribunal (NCLT), and other approvals, as applicable. 'As we now enter a new chapter alongside Torrent Pharmaceuticals, we are confident that the combined strengths of our organisations will unlock greater opportunities to enhance healthcare access across our markets,' said Nikhil Chopra, Chief Executive Officer and Whole Time Director of JB Pharma.
