Spinneys has agreed to acquire an additional 20 per cent stake in its Saudi Arabian subsidiary, Al-Ma’kulat al-Fakhirah for food products – Spinneys KSA.
The retailer has held management control over Spinneys KSA since its establishment in 2022, and the cash consideration for the transaction is SAR$18 million (approximately US$4.8 million).
Acquiring the stake from Abdul Mohsen AbdulAziz Al Hokair Holding Group, Spinneys will increase its overall shareholding in the Saudi unit from 50 per cent to 70 per cent.
Completion of the deal remains subject to local regulatory clearances, including approval from the Saudi General Authority for Competition.
The expansion comes as Spinneys continues to grow its store network across the Middle East, including nine new locations in the UAE and two in Saudi Arabia over the past year.
Across its core markets in the UAE, Oman, and Saudi Arabia, Spinneys currently operates 93 retail stores.
“Saudi Arabia is one of our most important growth markets, and increasing our shareholding to 70 per cent reflects both our confidence in the opportunity and the strength of our partnership with Al Hokair,” said Sunil Kumar, CEO at Spinneys.
“The increased shareholding allows us to invest further in our fresh offering and bring the Spinneys experience to more customers across the country,” said Kumar.
Earlier this year, Spinneys posted double-digit growth in both sales and profit for FY25, as the supermarket chain expanded its network and gained market share.
