Riyadh – Mubasher: Fawaz Abdulaziz Alhokair Co.’s board gave the green light to allocate 8.9% of the affiliate Egyptian Centres for Real Estate Development (ECRED) in exchange for EGP 354.72 million (SAR 84.4 million) worth of outstanding receivables.

The allocated stake will be in favour of Alhokair’s subsidiary Retail Group Egypt, according to a disclosure to Tadawul on Sunday.

The Saudi company said the external financial advisor provided a valuation range for ECRED from EGP 3.89 billion (SAR 926 million) to EGP 4.21 billion (SAR 1 billion). Retail Group Egypt has selected the lower end of the range at EGP 3.98 billion.

Last month, Alhokair and Arabian Centres Company reportedly acquired a combined 51% stake in UK-based Vogacloset.