BinDawood Holding details full acquisition of Zahrat Al Rawdah for SAR 444M

BinDawood Holding Co.'s board of directors approved the acquisition of 100% of Zahrat Al Rawdah Pharmacies Co. in Saudi Arabia and the signing of a share sale and purchase agreement (SPA) with Planet Pharmacies Ltd and Kawakeb AlSaydailyat Co.

 

In a Tadawul statement, the company said the equity valuation reached SAR 444.1 million, adding that the transaction is subject to regulatory approvals.

 

 

The agreed consideration for the acquired shares is an aggregate of SAR 444.1 million, divided as follows: SAR 40.8 million to be paid as a deposit as per the SPA terms on the signing date, and the remaining amount to be paid later will be subject to certain adjustments based on the SPA terms.

 

Headquartered in Riyadh, Zahrat Al Rawdah is a limited liability company operating in the retail pharmaceutical sector. The chain of pharmacies focuses on providing healthcare products and services to customers, including prescription and over-the-counter (OTC) medicines, medical supplies, healthcare and wellness products as well as personal care items.

 

Currently, Zahrat Al Rawdah has 173 pharmacies based in highly attractive locations with strong brands.

 

The company's revenues and earnings reached SAR 367.9 million and SAR 16.7 million, respectively, in 2023.

 

The acquisition aligns perfectly with BinDawood Holding’s strategic vision and bolsters Saudi Arabia's Vision 2030 through further venturing into the healthcare and wellness sector and enriching the company’s store network.

 

Through incorporating Zahrat Al Rawdah’s 173 pharmacies into BinDawood Holding’s retail landscape, the latter is set to establish a comprehensive destination for its clients, offering an extensive array of medical, wellness, and personal care products.

 

This move positions BinDawood Holding as the pioneering retailer in the Kingdom to integrate pharmacy services within its stores, facilitating smooth access to healthcare products alongside everyday essentials. It further reflects the company’s dedication to enhancing customer engagement and fostering sustainable growth over the long term.