Panda And Giant Merger Creates Gulf Retail Behemoth

Al Azizia Panda Company, the 100%-owned retail subsidiary of diversified Saudi conglomerate Savola Group, is to merge with rival retailer The Giant Stores Company, itself a 100%-owned subsidiary of Adbul Kadir Al-Muhaidib & Sons Group. Savola will hold a majority 80% stake in the merged company, which with combined sales of US$1.3bn will become the Gulf region's second-largest retail operator, behind the regional joint venture of France's

To read the full article, please choose one of the following options: