Saudi retailer BinDawood completes 62% stake buy in e-commerce platform IATC

RIYADH: A unit of Saudi retailer BinDawood Holding has completed the acquisition of a 62 percent stake in e-commerce platform operator International Applications Trading Co. Future Retail for Information Technology Co., which is wholly owned by BinDawood, signed the deal with Amwaj Real Estate Co. and First Commercial Application Co. Majed Altahan will retain his role as CEO of IATC after the acquisition, BinDawood said in a bourse filing. The transaction comes in a bid to strengthen the company’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, BinDawood said. (Source: Arab News)