Dubai - Speaking to Khaleej Times, V. Nandakumar, Lulu's chief communications officer, said: "We do not wish to comment on market based rumours."
Published: Wed 22 Apr 2020, 10:00 PM
Updated: Thu 23 Apr 2020, 9:06 AM
The Lulu Group International refused to comment on "market rumours" of being acquired by an investment firm backed by a member of Abu Dhabi's royal family to buy a stake worth just over $1 billion in the firms.
Speaking to Khaleej Times, V. Nandakumar, Lulu's chief communications officer, said: "We do not wish to comment on market based rumours."
The market was agog with the rumours of Middle East's largest hypermarket chains being acquired by a royal family.
A Bloomberg report states that the company led by Sheikh Tahnoon Bin Zayed Al Nahyan acquired an almost 20 per cent holding in the Abu Dhabi-based supermarket group founded by Indian entrepreneur Yusuff Ali, the people said, asking not to be identified as the matter is private. It wasn't immediately clear which company Sheikh Tahnoon is using for the investment or if he was buying the stake in his personal capacity, the people said.
Sheikh Tahnoon is the chairman of Royal Group, which has holdings in businesses such as media, trade, financing and real estate among others, according to its website.
He is also the chairman of First Abu Dhabi Bank, the UAE's biggest lender, the report states.
As per the Bloomberg report, representatives of both - Royal Group and The Lulu Group International - did not respond for requests for comments.
"We don't want to comment on market rumors. An official statement will be issued if at all there are any updates", Nandakumar was quoted in the Bloomberg report too.
sandhya@khaleejtimes.com
A Staff Reporter
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