Riyadh – Mubasher: Fawaz Abdulaziz Alhokair Company’s ordinary general meeting (OGM) has approved the acquisition of 100% of the shares of Alittihad Almobtakar Ltd for a consideration of SAR 340 million.

Alittihad Almobtakar is owned by Warehouse Food and Entertainment Company, which is a non-direct subsidiary of FAS Saudi Holding, according to a bourse statement released on Thursday.

Alhokair’s OGM also approved a group of agreements with Arabian Centres Ltd, Egyptian Centres, Fawaz Abdul Aziz Alhokair and Partners Real Estate, and Hajen Company Ltd.

Alhokair’s net profits after zakat and tax declined by 10.1% to SAR 224 million in Q2-19, compared to SAR 249.2 million in Q2-18.