(MENAFN - Gulf Times) Al Meera Consumer Goods Company has completed the acquisition of Giant Stores and Al Oumara Baking Company, a move that would yield additional QR350mn revenue to its kitty.
"With the purchase of the Giant Stores in Qatar this will increase our sales area significantly, adding almost another 16,000sq m of retail space to our brand," Al Meera deputy CEO Mohamed al-Qahtani said.
This deal is part of Al Meera's aggressive expansion strategy in the Qatari market with more competitive pricing.
Under the deal, Giant Stores and its subsidiary (Al Oumara Baking Company) will be wholly-owned by Al Meera Holding. Branding of the pre-existing Giant Stores would change within the coming months, and would be indistinguishable from the retailer's other supermarkets, Al Meera spokesman said.
"We considered all the requirements of our stakeholders when putting down the terms of this acquisitions, Guy Sauvage, Al Meera CEO, said, adding both shareholders and customers would benefit from this " by increasing the value of the company as a whole and by increased geographical access to the stores.
The chain is expected to add another 200,000 sq m of retail space in the next few years, and with the purchase of Giant Stores, Al Meera operates both supermarkets and hypermarkets for the first time.
Al Meera had announced in April its intention to reach an agreement with the Al Muhaidib Group, a Saudi company that owns the brand "Giant Stores," which runs its operations in Qatar through Qatar Markets Company, owned by Al Muhaidib Group.
Giant Stores have been operating in Qatar since 2003 with four outlets. It has a balanced business between hyper/supermarket. Its main branch is located at Hyatt Plaza with an area of 13,559sq m.
In addition, Giant Stores have other branches on Airport Road (750sq m), Al Mirqab (Nasser) with 1,500sq m space and Umm Guwailina (Sana Roundabout) with 1,500sq m area. Its main activities involve the sale of foodstuff and consumer goods.
Al Meera had earlier this year entered into agreement with French food retail chain Casino Group to market the latter's products.