Riyadh, Saudi Arabia–Jadwa Investment of Saudi Arabia has bought a 35% stake in Kuwait’s Gissah Perfumes Company, which is slated for a listing in Riyadh.
According to a statement released by both the companies, Jadwa, one of the kingdom’s largest privately-owned investment banks, bought the stake through its private equity arm Jadwa Retail Opportunities Fund.
They did not give a timeline for Gissah’s planned listing and they did not disclose the value of the investment.
“This partnership represents a new chapter for Gissah, as it will enable us to continue to build on our growth momentum, advance our corporate journey and prepare the company for public listing on the Saudi Stock Exchange,” said Faisal Al-Shayji, chairman of Gissah.
The deal will help Gissah prepare the company for a public listing on the Tadawul, Saudi Arabia’s stock market.
The companies did not provide a timeline for Gissah’s listing on the Riyadh bourse.
Gissah, established in 2018, has 80 stores in 25 cities across Saudi Arabia, Kuwait, the United Arab Emirates and Bahrain.