Kuwait bank Global Investment House (GIH) has taken a controlling stake in Saudi Arabian retail chain Al Sawani Food and Industrial Supply Company, Global said on Wednesday.
The stake was purchased by the group's $3 billion private equity unit Global Buyout Fund, Global said in a statement. No financial terms were disclosed.
Global said it would increase the capital of Sawani by $100 million to fund retail acquisitions.
Al Sawani is a Saudi-based retailing group with over 550 outlets spread across 12 regional countries, Global said.-Reuters