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FINANCIAL NEWS
Swatch buys 33.3% stake in Saudi Alzouman
25 May 2011
(MENAFN) The Swatch Group stated that it acquired a 33.3 percent stake in Alzouman General Trading Company, a Saudi retail distribution company, worth around USD16 million, reported Arabian Business.
The Swiss watch maker also said it was confident that the move would boost its business in the Arab country as Alzouman was a partner of Swatch in Saudi since 1993.
Swatch added that it was through its affiliate, Technocorp Holding Ltd, that Swatch purchased the stake in the Jeddah-based Alzouman, a distributor of both Swatch and Flik Flak brands.
It is worth noting that Swatch Group, a Swiss conglomerate with vertical control of the production of Swiss watches and related products. It was introduced to the Swiss market in March 1985.
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