Al Meera to purchase giant stores in Qatar

Al Meera Consumer Goods Company (Q.S.C) announced its attention to reach an agreement with Al Muhaidib Group of Saudi Arabia to own the brand "Giant Stores", which runs its operations in Qatar through Qatar Market Company in order to purchase all the shares of Giant Stores in the State of Qatar. The deal, according to a company statement released Wednesday, will includes the acquisition of Al Oumara Bakery Company. Giant Stores have been operating in Qatar since 2003 through four outlets. It has a balanced business between Hyper/Supermarket. Its main branch is located in Hyatt Plaza with an area of 13.559 sq.m. In addition to this, Giant Stores have other branches located in Airport Road (750 sq.m), Al Mirqab (Nasser) 1,500sq.m and Umm Guwailina (Sana R/A) 1500 sq.m. Its main activity is the sale of foodstuff and consumer goods. Al Oumara Bakery Company produces and sells bakery products and distributes them through its outlets located in Giant Stores. The parties have agreed on the value of the deal, and they will start the process of finalizing the agreement after completing some legal and procedural steps and the final agreement will be announced in due course. Al Meera statement said, "the opinion of the Board of Directors, after extensive studies in this regard, at the completion of the deal it will be an added value to Al Meera and this step is aligned with its vision To be the favorite neighborhood retailer and is in line of its strategy for expansion plan. This will enable it to provide a distinguished service to its customers. it is worth mentioning here that the company currently has many new projects under way to open branches in different regions of the State, which will maximize the company revenue and enhance its competiveness in the Qatari market". Al Meera is a listed company since 2009 with authorized capital QR 100 million. The scope of activities of the company involves the wholesale and retail trading of various types of consumer goods commodities owning and managing consumer outlets and trading in foodstuff, consumer goods, family requirements, electrical and electronic equipment and any other commodity.