DOHA: Al Meera Holding Company eying at the lucrative Omani retail market potential has signed an agreement to purchase the business and assets of the ‘Safeer’ stores in the Sultanate of Oman, a release issued by Al Meera said yesterday.
Al Meera Holding Co is a subsidiary of Al Meera Consumer Goods Co (owned 99 percent by the Company and one percent by Al Meera Central Markets Company), and Al Meera Development Company LLC (owned 99 percent by the company and one percent by Al Meera Central Markets Company).
The Omani company operates hypermarkets and supermarkets in the Sultanate; Al Meera and its Omani partner National Investment Funds Company SAOC (NIFCO) , will complete within the coming days the incorporation of Al Meera Oman and Al Meera Market SAOC in Oman to manage the Safeer stores, and any other purchases made in the future.
“This purchase gives us a strong foothold in the lucrative Omani market, and we will see more stores opening in the country in the future,” explained Dr Mohammed Nasser Al Qahtani (pictured), Deputy CEO of Al Meera. “We have already begun seeking out properties for new stores, and promise to translate our mission of becoming the ‘neighbourhood’s favourite retailer’ to our Omani business.”
Under the agreement, Al Meera will take over operations of Safeer stores during December 2012, with renovations and refurnishing scheduled to start immediately to ensure all the stores are rebranded to ‘Al Meera’ in the first quarter of 2013. The purchase includes three super markets and two 5000 square meter hypermarkets. A total of five stores will be operated, two of which are located in the capital, Muscat.
The Omani operations reflect a solid commitment to made Al Meera’s shareholders with regards to international expansion.
“With our Omani operations, the Al Meera brand is now international, as promised in the October Extraordinary General Meeting,” added Al Qahtani.
“Revenues generated from this purchase will reflect as of January 2013 on the company’s Profits and Losses. Oman is only our first solid foray into markets outside Qatar – and we aspire to leave a mark on the international markets in the near future.”
The Peninsula
