33.3 per cent participation of the total share capitalJoint Venture Agreement between Swatch Group and Saleh Mohammad Alzouman Sons Co. Ltd. Saudi Arabia
The Swatch Group Ltd and Saleh Mohammad Alzouman Sons Co. Ltd. (Kingdom of Saudi Arabia) announced that The Swatch Group Ltd through its affiliate Technocorp Holding Ltd has taken a 33.3 per cent participation of the total share capital of 60 million Saudi Riyals of the Alzouman General Trading Co. Ltd. in Jeddah (Saudi Arabia).
Alzouman General Trading Co. Ltd., a company of the Alzouman Group Saleh Mohammad Alzouman Sons Co. Ltd., distributes Swatch and Flik Flak brands, mainly throughout its own stores at prime retail locations in Saudi Arabia. Mr. Mohammad Saleh Alzouman, Chairman and CEO, and Mr. Abdullah Saleh Alzouman, Deputy Chairman and COO, will continue to manage the company and develop the activities of the two brands.
The Alzouman General Trading Co. Ltd. has its head office in Jeddah and branch offices in Riyadh and Al Khobar. The company successfully operates over 100 Swatch stores throughout the country (Riyadh, Jeddah, Mecca, Medina, and Dammam, among others). A long term partner to the Swatch Group, the Alzouman family has developed and expanded the retail activities for the Swatch and Flik Flak brands in Saudi Arabia since 1993. The Swatch Group participation in the Alzouman General Trading Co. Ltd. reflects the good relationship between the two partners and will open additional opportunities to further develop retail activities in Saudi Arabia.
Saleh Mohammad Alzouman Sons Co. Ltd. was established in 1964 by Late Mr. Saleh Mohammed Alzouman which, apart from its dominant position in watch retailing industry, has a diversified profile in industries such as aviation, education and real estate.