Panda, Giant Stores to merge

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Saudi food group Savola said it agreed to combine its Al Azizia Panda Company chain of supermarkets with Saudi Arabia's The Giant Stores Company, which is owned by the Abdul Kadir Al-Muhaidib & Sons Group.

"We have signed an MoU to merge Azizia Panda with Giant Stores," Savola Chief Executive Sami Baroum told newswire Reuters in Jeddah on Sunday, on the sidelines of an investment conference.

Savola will own 80% of the venture and The Giant Stores the remainder, Baroum said. Combined, the units will have sales of about 5 billion riyals ($1.33 billion) per year, Baroum said.

Set up in 1990, Giant Stores has 20 outlets across the kingdom and had planned to add 20 more, according to the website of the Al-Muhaidib group. It also has interests in Lebanon, Qatar and Bahrain, the company says.

Al Azizia operates a chain of almost 60 supermarkets and hypermarkets in the kingdom, and is expanding overseas, according to its website. By the end 2010, it plans to have 120 stores to treble its sales. (Reuters)

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai's nightlife bubble: When is it going to burst?

Dubai's nightlife bubble: When is it going to burst?

A new breed of clubs and bars is sprouting in the city, but which...

Chocolate: worth its weight in gold?

Chocolate: worth its weight in gold?

Middle Eastern consumers with a sweet tooth are buying up ever...

Country focus: Lebanon’s start-up success

Country focus: Lebanon’s start-up success

A new-wave of entrepreneurship is helping Lebanon become a hot...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams