Riyadh-Mubasher: Abdullah Al Othaim Markets Co. said its board approved an initial plan of geographical expansion through opening new stores in Egypt at a total value of SAR 144 million over the next three years, the company said in a bourse statement.
In 2011, the Tadawul-listed company established a fully-owned subsidiary in Egypt, which has not engaged yet in any commercial activity since inception.
The subsidiary will concentrate on retail and whole sales in foods sector.
The company is likely to start its commercial operations in the first quarter of 2016, and would generate operating profits as of the third quarter of 2017.
Al Othaim will finance its expansion plan through its own cash sources or loans.
