Al-Othaim Markets adds 18 branches as it plans $226m stake sale of investment arm

RIYADH: Al-Othaim Markets added 18 branches in the first half of 2022 as it prepares to sell its entire stake in its investment firm for SR846 million ($226 million), Vice Chairman Bader Al-Aujan told CNBC Arabia.

The opening of the new branches led to the Saudi retail giant incurring expenses of SR70 million in the first half of the year.

Al-Othaim has already accepted the offer submitted by Al Othaim Holding Co. to acquire its entire stake in Abdullah Al-Othaim Investment Co. at SR62 per share.

The acquisition is subject to approval by the general assembly, Al-Aujan said.

Al-Othaim Markets reported a higher profit of SR138 million for the first half of 2022, thanks to an 11 percent rise in revenue.