Lulu Group Archives - The Gulf Indians

Lulu opens new hypermarkets in Oman and Al Ain

The Gulf Indians — Mon, 28 Oct 2024 04:37:30 +0000

Al Ain/Muscat : Lulu opens new hypermarkets in Oman and Al Ain. The new stores are in Al Khuwair, Oman and Al Kwai, Al Ain. Ahmed bin Mohammed Al Humaidi, Chairman of Muscat Municipality inaugurated the new hypermarket in Al Khuwair, Oman.
Lulu Group Chairman MA Yousafali presided. Al Ain was inaugurated by Hamad Salem Talub Salem Al Edarai. The opening is the 32nd store in Oman and the 244th store in the GCC. Largest food processing logistics center to open in Qasen Economic City, Oman within 6 months.
Yousafali said that this will help in extensive collection and distribution of fruit and vegetable products. After the inauguration of the new hypermarket in Al Khuwair, Oman, MA. Yousafali and Municipality Chairman Ahmed Bin Mohammed Al Humaidi.

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UAE’s largest retailer IPO; 258.2 crore Lulu share sale from today

The Gulf Indians — Mon, 28 Oct 2024 03:50:20 +0000

Abu Dhabi : Lulu Hypermarket’s share sale has started today. 25 percent shares (258.2 crore) will be listed on the Abu Dhabi Stock Exchange through a three-phase IPO till November 5.
89% of the shares will be reserved for institutional investors (QIBs), 10% for small (retail) investors and 1% for employees.
The final share price will be announced on November 6. Retail investors
will receive an SMS regarding the allotment on November 12. The shares will be listed on the Abu Dhabi Stock Exchange on November 14.
Lulu’s is one of the biggest IPO listings this year in the UAE . Lulu will also have the distinction of being the largest retailer IPO in the UAE and the largest private company IPO in the UAE.

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UAE retailer LuLu is set to gauge IPO appetite next week

The Gulf Indians — Sat, 19 Oct 2024 16:20:22 +0000

Abu Dhabi: LuLu Group International, which operates one of the Middle East’s largest hypermarket chains, plans to start gauging investor interest next week in preparation for what could be among the year’s biggest initial public offerings in the region.

The firm will hold roadshows starting Monday, according to people familiar with the matter, who declined to be identified as the information is private. Its owners are seeking a valuation of at least $5 billion in the Abu Dhabi listing, they said.
LuLu was valued at more than $5 billion in 2020 when an investment firm backed by a member of Abu Dhabi’s royal family bought a fifth of the company. Its owners are now looking to sell a further 25 per cent stake, according to another person familiar with the matter.

No final decisions have been made on terms of the deal, including the size. A representative for LuLu declined to comment.

The firm initially considered a dual listing in Riyadh, but now plans to sell shares only in Abu Dhabi. It has picked Abu Dhabi Commercial Bank PJSC, Citigroup Inc., Emirates NBD Capital and HSBC Holdings Plc to work on the offering, Bloomberg News has previously reported. Moelis & Co. is acting as an independent financial adviser.

Indian entrepreneur Yusuff Ali founded LuLu in the early 1990s during a years-long oil boom in the Gulf. The firm has annual revenue of about $8 billion and employs over 70,000 people in 26 countries across the Middle East, Asia, the US, and Europe, according to its website.
The potential share sale would follow high-end supermarket chain Spinneys 1961 Holding Plc’s Dubai listing. The stock had a relatively muted debut, and Spinneys shares are largely unchanged from their offer price.

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Lulu Group Chairman M.A. Yusuff Ali’s father-in-law passed away

The Gulf Indians — Tue, 22 Sep 2020 08:22:55 +0000

Lulu Group Chairman M. A Yusuff Ali’s father-in-law Kattoor Koratti Parambil Azbullah Haji died at the age of 88.

The funeral will happen on September 22 at Kattoor Nedumpura Juma Masjid Thrissur.

He was survived by his daughters Shabira Yousuf Ali, Shahitha Basheer and son Shabeer Azbullah and son-in-laws M.A.Yusuff Ali, Basheer and daugher-in-law Sajna.

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