Future Tech Retail, a firm owned by Saudi retailer BinDawood Holding, will acquire a sixty-two percent stake in International Applications Trading Co., an e-commerce platform operator, for an unknown sum.
Future Tech Retail, which is fully owned by BinDawood Holding, signed the deal with Amwaj Real Estate Co. and First Commercial Application Co., a bourse filing showed on Sunday.
The potential acquisition comes in a bid to strengthen BinDawood’s position in the e-commerce sector and enhance its omnichannel presence.
This is in line with the company’s long-term objectives as one of the leading grocery retail operators of hypermarkets and supermarkets in the Kingdom and is expected to have a positive impact on its financials.