Al Futtaim closes acquisition of minority stake in Cenomi…: Al Futtaim Group acquired a 49.95% stake in Cenomi Retail for SAR 2.5 bn (c. USD 667 mn), marking one of the largest foreign investments in a Saudi-listed retail company, according to a press release and Tadawul disclosure. The transaction was executed through a share purchase transaction from Cenomi’s major shareholders at SAR 44 per share, with Al Futtaim subject to a six-month lock-up period.

…and provides SAR 1.4 bn loan: Alongside the equity purchase, Al Futtaim has agreed to provide SAR 1.35 bn in shareholder loans, which can be converted into equity subject to shareholder and regulatory approvals. The facility will bolster Cenomi’s balance sheet and give it additional flexibility for expansion. The firm has struggled with losses that resulted in a negative shareholder equity of SAR 991 mn in 1Q 2025, as well as SAR 5.4 bn in liabilities.

ICYMI- Saudi Arabia’s General Authority for Competition cleared Al Futtaim’s acquisition of the minority stake Cenomi last month, after the two had entered into a share purchase agreement in July.

Also involved: Emirates NBD Saudi Arabia is extending an SAR 1.6 bn credit facility to Cenomi Retail to prepay and settle existing bank debts. The loan is conditional on the completion of Al Futtaim’s acquisition. The facility includes a 90-day short-term loan, to be refinanced into a three-year term loan with a possible two-year extension.

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