Bahrain-based Investcorp said on Wednesday it exited its investment in BinDawood Holding through the Saudi Arabian retailer's initial public offering.
The deal marks Investcorp's third public share sale in the kingdom over the past four years. The asset management firm has previously listed jewellery company L'Azurde in 2016 and Leejam Sports Company (Fitness Time) in 2018.
BinDawood Holding, the kingdom's third-largest grocer by revenue, began trading on Tadawul, the kingdom's stock exchange, on Wednesday after listing 20 per cent of its shares. Investcorp acquired a minority stake in hypermarket-operator in 2016.
"Investcorp representatives shall remain on our board following the listing, which will provide the company with the advantage of continuing stability and stewardship as we accelerate our growth strategy to become the leading supermarket operator in the Kingdom of Saudi Arabia,” Ahmad BinDawood, chief executive of BinDawood Holding, said.
BinDawood Holding has 73 stores, of which 51 are hypermarkets and 22 are supermarkets. It operates mass, mid-market supermarket chain BinDawood and high-end grocery brand Danube.
In a note to clients on Wednesday, Al Rajhi Capital Research said it favoured the company for its "strong earnings profile, return metrics, and overall positioning in the market".
It added that the kingdom's grocery retailing market has been undergoing consolidation over the past three years, which is expected to expand the market share of organised retail players to 48 per cent in 2024 from 41 per cent in 2019.
"This creates a strong opportunity for companies like BinDawood to gain market share from the smaller players," Al Rajhi said.
"We have assumed three-store expansion per year from 2021-2024 and expect e-commerce to drive the like-for-like growth, especially in the Danube segment. This should also support the gross margins going forward. Accordingly, we expect the company’s overall revenue and net profit to grow at a compound annual growth rate of 6 per cent and 14 per cent respectively [in] 2020 [and] 2025."
Aside from BinDawood, Investcorp – which has Abu Dhabi's Mubadala Investment Company as its biggest shareholder – retains stakes in Saudi Arabia's Theeb Rent A Car and Al Borg Medical Laboratories.
"Saudi Arabia is a key market for Investcorp and we believe that the kingdom’s Vision 2030 will unlock significant additional opportunities for our firm and our clients," said Yasser Bajsair, chief executive of Investcorp KSA.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
HERO%20CUP%20TEAMS
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MATCH INFO
Final: England v South Africa, Saturday, 1pm
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
FROM%20THE%20ASHES
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
A%20MAN%20FROM%20MOTIHARI
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EAbdullah%20Khan%0D%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EPenguin%20Random%20House%3Cbr%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E304%0D%3Cbr%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
PULITZER PRIZE 2020 WINNERS
JOURNALISM
Public Service
Anchorage Daily News in collaboration with ProPublica
Breaking News Reporting
Staff of The Courier-Journal, Louisville, Ky.
Investigative Reporting
Brian M. Rosenthal of The New York Times
Explanatory Reporting
Staff of The Washington Post
Local Reporting
Staff of The Baltimore Sun
National Reporting
T. Christian Miller, Megan Rose and Robert Faturechi of ProPublica
and
Dominic Gates, Steve Miletich, Mike Baker and Lewis Kamb of The Seattle Times
International Reporting
Staff of The New York Times
Feature Writing
Ben Taub of The New Yorker
Commentary
Nikole Hannah-Jones of The New York Times
Criticism
Christopher Knight of the Los Angeles Times
Editorial Writing
Jeffery Gerritt of the Palestine (Tx.) Herald-Press
Editorial Cartooning
Barry Blitt, contributor, The New Yorker
Breaking News Photography
Photography Staff of Reuters
Feature Photography
Channi Anand, Mukhtar Khan and Dar Yasin of the Associated Press
Audio Reporting
Staff of This American Life with Molly O’Toole of the Los Angeles Times and Emily Green, freelancer, Vice News for “The Out Crowd”
LETTERS AND DRAMA
Fiction
"The Nickel Boys" by Colson Whitehead (Doubleday)
Drama
"A Strange Loop" by Michael R. Jackson
History
"Sweet Taste of Liberty: A True Story of Slavery and Restitution in America" by W. Caleb McDaniel (Oxford University Press)
Biography
"Sontag: Her Life and Work" by Benjamin Moser (Ecco/HarperCollins)
Poetry
"The Tradition" by Jericho Brown (Copper Canyon Press)
General Nonfiction
"The Undying: Pain, Vulnerability, Mortality, Medicine, Art, Time, Dreams, Data, Exhaustion, Cancer, and Care" by Anne Boyer (Farrar, Straus and Giroux)
and
"The End of the Myth: From the Frontier to the Border Wall in the Mind of America" by Greg Grandin (Metropolitan Books)
Music
"The Central Park Five" by Anthony Davis, premiered by Long Beach Opera on June 15, 2019
Special Citation
Ida B. Wells
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Match info
Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
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