Kuwaiti firm acquires 80 percent stake in Jordan’s Safeway shopping chain
Kuwait’s Sultan Center Food Products Company has purchased an 80 percent stake in Jordan’s Safeway Company. The $17.6 million transaction will be paid over two years, reported the Kuwait Stock Exchange.
The Sultan Center - an operator of retail supermarkets, restaurants, catering services – plans to use Safeway’s seven variety stores as a base to expand into the Jordanian market. The company also plans to open a second branch in Oman and new locations in Egypt and Lebanon.
Established in 1991, Safeway is the largest superstore in Jordan. Each outlet is equipped with a bakery, deli counter, fresh produce area, grocery aisles, household department and hardware section. Stores also retail clothing, toys and shoes. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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