Al Meera Holding Signs Contract to Acquire Safeer Firm s Assets in Oman

Doha, February 26 (QNA) - Al Meera Holding Company LLC (owned 99% by the Company and 1% by Al Meera Central Markets Company), have signed a Sale and Purchase Agreement to purchase the business and assets of Safeer stores in the Sultanate of Oman. The business purchased were the business of operation of hypermarkets and supermarkets under the trading or brand name of "Safeer" carried on by the relevant Safeer Entities at the following locations in the Sultanate of Oman, including the assets. AL Meera Holding LLC and Al Meera Development LLC incorporated two subsidiary companies in the Sultanate of Oman, (i.e, Al Meera Oman SAOC and Al Meera Markets SAOC) to manage the business acquired in Oman. Further to the sale and purchase agreement of the five Safeer Stores in the Sultanate of Oman, the seller handed over the business and moveable assets (as mentioned in schedule 2 of SPA) along with the inventories to the Buyer and the Buyer acknowledge the same of the below mentioned five stores. Effective 31st January 2013, the Buyer takes complete responsibility of all the following stores: Athaiba (Safeer United LLC), Al Khuwair (Safeer Middle East LLC.), Barka and Sohar (Safeer Center International LLC), Al Falaj (Safeer Arabian International LLC) . (QNA)