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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Arabian Centres Company Limited    4321   SA14QG523GH3

ARABIAN CENTRES COMPANY LIMITED

(4321)
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Exclusive: Saudi PIF in talks to buy stake in UAE supermarket chain Lulu - sources

10/07/2020 | 03:14am EST

DUBAI (Reuters) - Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), is in early discussions to buy a stake in supermarket chain Lulu Group International, two sources familiar with the matter told Reuters.

    It is in talks with Indian-born businessman Yusuff Ali, who founded Abu Dhabi-based Lulu, one of the largest chains in the Gulf region, the sources said.

Discussions between PIF and Lulu began four to six weeks ago, one of the sources said.

It was not immediately clear how big a stake PIF is seeking to buy as discussions are at an early stage, or whether the talks would lead to a final transaction.

Lulu operates shopping centres, hypermarkets and other businesses with an annual turnover of $7.4 billion, according to its website.

It has operations in Saudi Arabia and other Gulf states as well as in Egypt, India, Indonesia and Malaysia.

    PIF, which manages $360 billion in assets, declined to comment. Lulu's director of marketing & communications, V. Nandakumar, said in an emailed response that "as a policy we never comment on market speculations and media rumours."

    Abu Dhabi state-owned holding company ADQ invested $1 billion in Lulu earlier this year, two sources familiar with the talks said. ADQ did not respond to a Reuters request for comment.

    PIF is seen as a driver of the kingdom's Vision 2030 plan to diversify the economy, with the authorities aiming to turn it into the world's largest sovereign wealth fund.

    The Saudi government wants to expand the kingdom's retail sector as part of a drive to create one million jobs by 2020.

    PIF invested $500 million in e-commerce venture Noon, which shortly afterwards began operations in Saudi Arabia. It also invested indirectly in the IPO of Saudi mall operator Arabian Centres .

PIF was also approached by Reliance to buy a stake in the retail arm of Indian billionaire Mukesh Ambani's Reliance Industries Ltd.

The fund, whose board is chaired by Saudi Arabia's Crown Prince Mohammed bin Salman, has become a more active investor since 2015, taking a $3.5 billion stake in Uber Technologies and invested $45 billion in Softbank's inaugural technology fund.

(Reporting by Hadeel Al Sayegh and Saeed Azhar; editing by Jason Neely)

By Hadeel Al Sayegh and Saeed Azhar


© Reuters 2020
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Financials
Sales 2021 1 907 M 508 M 508 M
Net income 2021 530 M 141 M 141 M
Net Debt 2021 8 304 M 2 214 M 2 214 M
P/E ratio 2021 22,2x
Yield 2021 2,77%
Capitalization 11 771 M 3 138 M 3 138 M
EV / Sales 2021 10,5x
EV / Sales 2022 10,1x
Nbr of Employees -
Free-Float 34,4%
Chart ARABIAN CENTRES COMPANY LIMITED
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Arabian Centres Company Limited Technical Analysis Chart | 4321 | SA14QG523GH3 | MarketScreener
Technical analysis trends ARABIAN CENTRES COMPANY LIMITED
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 4
Average target price 23,73 SAR
Last Close Price 24,78 SAR
Spread / Highest target 2,50%
Spread / Average Target -4,26%
Spread / Lowest Target -9,20%
EPS Revisions
Managers
NameTitle
Olivier Nougarou Chief Executive Officer
Fawaz bin Abdulaziz Fahad Al-Hokair Chairman
Majed Aiedh Al Juaid Vice President-Operations
Jabri Abdulfattah Hussein Maali Chief Financial Officer
Rashed Abdullah Rashed Al Othman Chief Communication & IT Officer
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