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Saudi giant gets hold of Omar Effendi

08
Nov '06
At last controversial privatization sales of Omar Effendi ended as Saudi based firm Anwal United Trading Company acquired it. The acquisition cost including cash and debt reaches 744.5 million for Anwal Trading Company.

Omar Effendi, which was nationalized in 1957 was originally founded in 1856 under the name of Orosdi Back now has 82 outlets across the nation. But as it fell into the hands of Trade Industries Holding Company (TIHC), downfall of the company started.

Anwal is a retailer of clothing and apparel garment for women and children in Riyadh. It represents brands like Etam and Furla with 130 showrooms across Saudi Arabia.

The state offered in 1992 to sell 314 state-owned companies, but only 148 were sold.


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