Al-Hawary: A meeting with the “urban communities” this week to amend the project of the “Hyper One” branch in Badr City
Mohamed Al-Hawari, Chairman of the Board of Directors of the Hyper One Retail Group, revealed that the group has currently received requests from foreign investors, including mostly investment funds, to acquire a minority stake of 20% of its shares.
Al-Hawari added, in statements to the “Stock Exchange,” that the discussions between the two parties are still in the stage of “feeling the pulse,” as he said, and sessions to hear the views of each of the parties did not extend to signing initial contracts or reaching actual results.
Al-Hawari indicated that in light of the spread of the Coronavirus crisis, foreign investors are holding discussions and talks with local investors in the retail sector.
In another context, Al-Hawari said that an upcoming meeting will be held during the current week with the Urban Communities Authority to make an amendment to a plan Its new branch Badr City, which has an area of 36 thousand square meters.
He added that the amendment aims to be satisfied with the construction of an upper garage only, instead of two upper and lower garages, because that will raise the investment cost of the project by an additional 120 million pounds.
The head of the Hyper One Group stated that once the authority has obtained the new plan and approved it, the excavation work for the project site will begin immediately, and the contractor’s terms of reference will be made in preparation for submitting it to those wishing to participate.
Al-Hawari explained that the implementation period of the new branch in Badr City will range from one year to one and a half years, with an investment cost of 500 million pounds, which will be self-financing without resorting to borrowing operations.
The article, an offer by foreign investors to acquire 20% of “Hyper One”, was written in Al-Borsa newspaper.