FAS Labs, owned by Alhokair and Arabian Centers, signs agreement to sell 35% of FAS Finance shares to valU

Fawaz Abdulaziz Alhokair and Arabian Centers announced on Monday the signing of FAS Labs on June 05, 2022, a 50-50 share purchase and sale of shares agreement by FAS Labs (the “Agreement”) with Value Consumer Finance (“Valeo”) with the aim of selling a share of FAS Labs capital. It represents 35% of the capital of FAS Labs Finance for the valU Company.

FAS Labs strategic partnership with valU will expedite FAS Finance’s ability to build and scale an integrated shopping platform that provides an array of accessible digital payment solutions, while capitalizing on valU’s existing positioning, technological capabilities, and well-established track record.

valU is a subsidiary of EFG Hermes and is MENA’s leading BNPL fintech platform offering convenient and customizable financing plans up to 60 months. With more than 5,000 points of sale and over 200 websites, valU offers access to a wide network of retail and e-commerce providers.

FAS Finance will provide its customers in Saudi Arabia a variety of microfinance solutions with the aim being to build a fully integrated shopping platform that engages consumers through the entire purchase journey, from prepurchase to post-purchase. valU’s solutions will be available across ACC’s tenants, who are located across 21 shopping malls in 11 major Saudi cities.

FAS Labs, a Limited Liability Company, is equally and jointly owned by both ACC and Fawaz Abdulaziz Alhokair Co. (“Alhokair”). Any material developments, including once FAS Labs receives the Final License from the Saudi Central Bank, will be announced in due course.