RIYADH: A unit of Saudi retailer BinDawood has signed an initial agreement to acquire a 62 percent stake in e-commerce platform operator International Applications Trading Co.
Future Tech Retail, which is fully owned by BinDawood Holding, signed the deal with Amwaj Real Estate Co. and First Commercial Application Co., a bourse filing showed on Sunday.
The potential acquisition comes in a bid to strengthen BinDawood’s position in the e-commerce sector and enhance its omnichannel presence.
This is in line with the company’s long-term objectives as one of the leading grocery retail operators of hypermarkets and supermarkets in the Kingdom and is expected to have a positive impact on its financials.
