Fawaz Alhokair approves Innovative Union acquisition for SAR 340 mln

Fawaz Abdulaziz Alhokair Co.’s shareholders have approved to fully acquire Innovative Union Co., owned by Food and Entertainment Company, for SAR 340 million, the company said in a bourse statement.

The acquisition is considered a related-party transaction as Saudi FAS Holding Co., which owns shares in Fawaz Abdulaziz Alhokair, and also indirectly owns Food & Entertainment Trading Co. Ltd.

Shareholders have also approved related party transactions to take place with Arabian Centres Co., Egyptian Centers Co., Fawaz Abdulaziz Alhokair Real Estate Co., and Hajen Ltd.

Meanwhile, they approved appointing KPMG Al Fozan to audit the company’s quarterly and annual financials of the fiscal year 2019/2020 for a fee of SAR 3.25 million and approved paying SAR 2.1 million as board remuneration for the fiscal year ended March 31, 2019.

Alhokair signed an agreement on Aug. 3 to fully acquire Innovative Union Company, owned by Food and Entertainment Company, for SAR 340 million, Argaam reported earlier.