SYDNEY-Qatar’s Al Alfia Holding has launched a takeover bid for Australia’s Specialty Fashion Group valuing the company at 134 million Australian dollars or $102 million at current exchange.
The Sydney-based retail group confirmed Thursday that the Qatar-based investment company has made a conditional, indicative and non-binding proposal for a 70 Australian cent, or $0.50 cent, per share cash offer.
The largest specialty retailer of women’s fashion in Australasia, Specialty Fashion Group operates 1,066 stores in Australia, New Zealand, South Africa and the United States across the Katies, Millers, Crossroads, Autograph, City Chic and Rivers chains.
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Additionally, there are 29 concession boutiques within Australia’s Myer department store chain for the group’s strong performing plus size women’s chain City Chic.
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Three City Chic stores operate in the UAE under license by Dubai-listed Marka Holding and the brand is also sold through Nordstrom and Macy’s in the U.S. and Evans in the U.K.
Specialty Fashion Group posted total sales of 826.2 million Australian dollars or $614 million at average exchange for fiscal 2016, up 4.4 percent and a net loss of 2.2 million Australian dollars, or $1.6 million, half its net loss of 2015. Online sales were up 42 percent, representing 8.8 percent of total sales.
Al Alfia Holding is a real estate development company based in Doha that is chaired by Sheikh Mohammed Bin Hamad Al-Thani, the brother of Emir Sheikh Tamim Bin Hamad Al-Thani.
The Qatar royal family-owned Qatar Investment Authority has $335 billion of assets under management according to the Las Vegas-based Sovereign Wealth Fund Institute, making it the world’s 14th largest sovereign wealth fund.
Under other investment arms such as Mayhoola For Investments LLC and Qatar Holding LLC, QIA’s myriad other interests include the Valentino, Balmain and Pal Zileri luxury brands; Harrods, Sainsbury’s, Canary Wharf, Claridge’s and the London Stock Exchange in the U.K.; Spain’s El Corte Inglés; Singapore’s Asia Square Tower; Germany’s Volkswagen; the Paris Saint-Germain Football Club; the U.S. entertainment company Miramax; and the Saint Petersburg Airport.