SAUDI ARABIA. Investment funds advised by Levant Capital Limited (“Levant Capital”) and Citi Venture Capital International (“CVCI”) announced today that they have jointly acquired a controlling stake in Al-Raya For Foodstuff Company Limited (“Al-Raya”), a leading supermarket chain in Saudi Arabia.
The transaction, valued at US$100 million, presents an opportunity for Levant Capital and CVCI to capitalize on the growth in consumer-driven demand and the increasingly attractive middle income segment of the Gulf region’s largest economy. The transaction closed on February 21, 2012.
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