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Mon 23 May 2011 09:17 PM

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Swatch Group takes 33.3% stake in Saudi partner

Swiss watch company says total share capital of SR60m taken in Alzouman General Trading Co

Swatch Group takes 33.3% stake in Saudi partner
(Getty Images)

Swiss watch maker The Swatch Group said on Monday it has taken a 33.3 percent stake in a Saudi Arabian retail distribution company.

Through its affiliate Technocorp Holding Ltd, it has taken a total share capital of SR60m of Jeddah-based Alzouman General Trading Company.

Alzouman General Trading Company, a unit of the Alzouman Group Saleh Mohammad Alzouman Sons Company, distributes Swatch and Flik Flak brands, mainly throughout its own stores in Saudi Arabia.

Mohammad Saleh Alzouman, chairman and CEO, and Abdullah Saleh Alzouman, deputy chairman and COO, will continue to manage the company and develop the activities of the two brands, Swatch said in a statement posted on its website.

Alzouman General Trading Company operates more than 100 Swatch stores throughout the country, including Riyadh, Jeddah, Mecca, Medina, and Dammam.

A long term partner to the Swatch Group, the Alzouman family has developed and expanded the retail activities for the Swatch and Flik Flak brands in Saudi Arabia since 1993.

The Swatch Group stake "reflects the good relationship between the two partners and will open additional opportunities to further develop retail activities in Saudi Arabia", the Swiss firm said.

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