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Jan 10, 2010
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Saudi retailer Alhokair says mulling expansion

By
Reuters
Published
Jan 10, 2010

RIYADH, Jan 10 (Reuters) - Saudi-based retailer Fawaz Abdulaziz Alhokair Co 4240.SE said on Sunday 10 Januar its board has approved an expansion plan that covers Kazakhstan and could eventually involve Egypt, Jordan and the United Arab Emirates.


Photo: www.fawazalhokair.com

"This step fulfils the board's desire to increase growth ratios over the coming years," it said in a statement posted on the bourse's website.

Alhokair, which specializes in clothing and catering, did not disclosed more details, saying only that it would involve acquisitions of assets held by or stakes in existing companies. Any deal would be financed from the firm's own resources, it added.

Alhokair represents international brands such as Zara chain owned by Spain's Inditex (ITX.MC) and Marks and Spencer (MKS.L).

(Writing by Souhail Karam; Editing by Thomas Atkins)

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