Saudi PIF in talks to buy stake in LuLu - Report
TDT | agencies
The Public Investment Fund (PIF) of Saudi Arabia is in early talks to buy a stake in supermarket chain LuLu Group International, reports Reuters.
PIF is reportedly in talks with Yusuff Ali, who founded Abu Dhabi-based LuLu, one of the largest chains in the Gulf region.
Discussions between PIF and Lulu began four to six weeks ago, Reuters quoting an undisclosed source said.
The report is silent about how big a stake PIF is seeking to buy as discussions are at an early stage.
Lulu operates shopping centers, hypermarkets, and other businesses with an annual turnover of $7.4 billion, according to its website.
Lulu’s director of marketing & communications, V. Nandakumar, told Reuters in an emailed response that “as a policy, we never comment on market speculations and media rumors.”
PIF was also approached by Reliance to buy a stake in the retail arm of Indian billionaire Mukesh Ambani’s Reliance Industries Ltd.
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