{"id":98906,"date":"2025-07-21T00:00:00","date_gmt":"2025-07-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/07\/21\/uaes-al-futtaim-takes-big-stake-in-cenomi-retail\/"},"modified":"2025-07-21T00:00:00","modified_gmt":"2025-07-21T00:00:00","slug":"uaes-al-futtaim-takes-big-stake-in-cenomi-retail","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/07\/21\/uaes-al-futtaim-takes-big-stake-in-cenomi-retail\/","title":{"rendered":"UAE\u2019s Al-Futtaim takes big stake in Cenomi Retail"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Al-Futtaim sets out to buy nearly half of Saudi\u2019s Cenomi Retail: <\/strong>Dubai-based Al-Futtaim Group is in the process of acquiring a 49.95% stake in Tadawul-listed Cenomi Retail in a transaction worth as much as SAR 2.5 bn (USD 667 mn) after inking a share purchase agreement, according to a <a target=\"_blank\" href=\"https:\/\/www.alfuttaim.com\/articles\/cenomi-retail-announces-the-signing-of-a-share-purchase-agreement-between-its-founding-shareholders-and-al-futtaim-for-the-sale-of-49-95-stake-to-al-futtaim\/\" style=\"\" rel=\"noopener\">joint statement<\/a>. There\u2019s no publicly available information about how Al-Futtaim plans to fund the acquisition. The move is pending regulatory clearance from the Saudi General Authority for Competition.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is a good fit \u2014 what\u2019s surprising is that it\u2019s happening at all: <\/strong>Saudi has traditionally been very protective of its retail market, particularly against what it sees as incursions by UAE operators. But Cenomi Retail has long been struggling and has been mired in a start-stop turnaround bid for years now to little effect. Cenomi Retail shed a portfolio of 16 brands in 2024 and had said it was in the market to offload <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4bbe0037-ec3c-4a91-ad07-94859ef3d718\/cenomi-retail-to-divest-up-to-18-more-brands-this-year\" style=\"\" rel=\"noopener\">more than a dozen others<\/a>. It had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/624e341a-884a-4ffd-bf03-8bdb63bb1d7a\/%253cmark%253ecenomi-retail%253c%2Fmark%253e-weighs-up-selling-nearly-50%2525-stake\" style=\"\" rel=\"noopener\">previously signaled<\/a> plans to bring in a strategic investor \u201cto overcome existing challenges.\u201d The acquisition by Al-Futtaim formalizes adding a regional heavyweight to its shareholder base. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al-Futtaim will loan Cenomi Retail some SAR 1.3 bn to shore up the operator\u2019s balance <\/strong><strong>sheet <\/strong>and give it the firepower it needs to engineer a turnaround before it can start looking at growing once again. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s cashing out? <\/strong>Al-Futtaim is buying shares from Cenomi\u2019s founding shareholders, including members of the Alhokair family \u2014 namely Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair \u2014 as well as Saudi FAS Holding Company and FAS Real Estate Company. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A premium is the cost of growth in the Kingdom: <\/strong>The UAE-based conglomerate will buy shares in Cenomi Retail at SAR 44 a piece, the statement read, representing a 33% markup to its last closing price on the Saudi bourse.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The transaction could be good for Cenomi Centres<\/strong>, the mall operator controlled by Alhokair family, which has had a conflict of interest in having Cenomi Retail in its tenant pool. Shares of Centres closed up nearly 2% on Tadawul yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The acquisition could prove smart on Al-Futtaim\u2019s part.<\/strong> Our retail market is still in its infancy, and Cenomi Retail has leases across the Kingdom and in other markets. That sets Al-Futtaim up nicely to shuffle the portfolio with a patchwork of leases on high-traffic retail locations already in place and a handful of new (and overlapping) brands on which to build. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cenomi Retail was on the ropes financially heading into this transaction: <\/strong>Sustained losses had seen shareholder equity turn negative to the tune of SAR 991 mn according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/1249.pdf\" style=\"\" rel=\"noopener\">latest financial statements (pdf)<\/a>, while liabilities (SAR 5.43 bn) now outweigh assets (SAR 4.42 bn) on its balance sheet. The company was cash-strapped and remains highly leveraged after it made limited progress paying down debt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cenomi Retail was in the black in 1Q 2025:<\/strong> The franchiser posted <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c065706d-110e-4b20-87c4-edce3d7edbc9\/%253cmark%253ecenomi%253c%2Fmark%253e-centers-and%253cmark%253e-retail%253c%2Fmark%253e-post-1q-earnings\" style=\"\" rel=\"noopener\">SAR 1.8 mn<\/a> in net income, compared to a SAR 151.7 mn net loss over the same quarter last year. Revenues rose 11.2% y-o-y to SAR 1.3 bn during the same period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market r<\/strong><strong>eax<\/strong><strong>: <\/strong>Cenomi Retail\u2019s stock shed 9.95% to close at SAR 29.70 yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al-Futtaim has a broad retail portfolio <\/strong>with brands including Zara, Massimo Dutti, and Bershka across the UAE, Saudi, and Egypt as well as Malaysia, Thailand, and Singapore. Cenomi Retail\u2019s brands include Aleph, Cinnabon, Pull & Bear, Subway, and Oysho, among others and has more than 1k stores across 11 countries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Lazard is advising Cenomi on the transaction, while JP Morgan is acting for Al-Futtaim.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story was picked up by <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-20\/al-futtaim-retail-to-buy-666-million-stake-in-cenomi-retail\" style=\"\" rel=\"noopener\">Bloomberg<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/uaes-al-futtaim-acquire-4995-saudis-cenomi-retail-2025-07-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong>. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">IN OTHER M&A NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nomu-listed Lana Medical acquired a 21% stake in Dawam International Industrial<\/strong> <strong>Company<\/strong>, a manufacturer of medical and health food supplements, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=88853&anCat=1&cs=9587&locale=en\" style=\"\" rel=\"noopener\">a bourse filing<\/a>. The transaction was funded through internal resources and was valued at no more than 5% of Lana\u2019s 2024 revenues, which totaled SAR 84.1 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cenomi Retail had been shedding brands as part of a turnaround bid. Al-Futtaim is now offering a lifeline \u2014 and an SAR 1.3 bn shareholder loan<\/p>\n","protected":false},"author":1,"featured_media":98907,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[3808,10,2720,14,211],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-al-futtaim","tag-enterpriseam-ksa","tag-ma","tag-ma-watch","tag-retail","wpautop","entry"],"acf":{"mongo_id":"ae900457-d058-40dc-9e60-4cfa6b895d96","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/7\/1277.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE\u2019s Al-Futtaim takes big stake in struggling retail operator Cenomi Retail","related_issue":[98901],"teaser":"Cenomi Retail had been shedding brands as part of a turnaround bid. 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