Riyadh: Saudi private equity firm Jadwa Investment bought a 35 per cent stake in Gissah Perfumes ahead of the fragrance company’s planned initial public offering.
The investment, through Jadwa’s Retail Opportunities Fund, will enable Gissah to further solidify its market position and enhance business performance, Gissah CEO Bashar Al-Ameer said in a statement.
The firm, founded in Kuwait, plans to relocate to Saudi Arabia ahead of an IPO on the kingdom’s main market. It currently operates from 80 stores in 25 cities across Saudi Arabia, Kuwait, the UAE and Bahrain.
Jadwa, which manages total client assets of about $20 billion, plans to invest about $532 million in new private equity deals and list stakes in three of its portfolio companies by 2025, Bloomberg News reported in December. It offloaded a 30 per cent holding in Saudi Aramco Base Oil, a refining unit of the state-owned oil producer, later that month.