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Alhokair's unit inks deal with valU for new digital consumer microfinance company

Alhokair's unit inks deal with valU for new digital consumer microfinance company
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ALHOKAIR
4240
-0.30% 19.68 -0.06
EFG Hermes
HRHO
-0.49% 12.14 -0.06

Riyadh – Mubasher: FAS Labs, a 50% subsidiary of Fawaz Abdulaziz Alhokair Company, has signed a sale purchase agreement (SPA) with valU to own a 65% stake in FAS Finance’s paid-up capital.

valU, a subsidiary of Egyptian Financial Group Hermes Holding (EFG Hermes), will hold the remaining stake in the new closed joint-stock digital consumer microfinance company, according to a bourse filing on Monday.

Alhokair will own a 32.5% stake in the new Sharia-compliant company through its 50% stake in FAS Labs.

FAS Finance will offer customers in Saudi Arabia various microfinance solutions to build a fully integrated shopping platform.

It is noteworthy to mention that in January 2022, FAS Labs obtained the Saudi Central Bank’s (SAMA) preliminary approval to establish a closed joint-stock digital consumer microfinance company under the name of FAS Finance.