Kuwait-based wholesale membership retailer OnCost Cash and Carry has reportedly completed the acquisition of supermarket chain Gulfmart.
Established in 1999, Gulfmart currently operates 16 stores, including in Shuwaikh, three in Salmiya, two each in Fahaheel, Abbassiya, Hawally, and Farwaniya, and one each in Khaitan, Jahra, Salwa, and Abu Halifa.
Gulfmart offers a range of products including groceries, toiletries and consumable goods to customers. It has also launched a new growth strategy to expand its presence by opening 25 large-format supermarkets.
OnCost Cash and Carry chief executive officer Saleh Al-Tunaib was quoted by arabtimesonline.com as saying that both the companies will merge and operate as a single business within the next six months after the completion of the share transfer process.
Al-Tunaib spokesperson said: “Once the take-over process and merger of both companies are completed, Oncost would have a total of 20 branches spread across the country.
“Over the next five years, we plan on increasing the number of branches we own to 35, and look forward to entering the Saudi and the UAE markets through strategic partnerships with professional retail groups in those countries.”
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Al-Tunaib also added that the deal will increase the company’s share in the local food market to 4% and has plans to increase it further.
Established in 2010, Oncost currently owns slaughterhouses and operates central vegetables and fruits market in Sulaibiya, Kuwait.
It offers a range of products including vegetables, fruits, meat and fish, household cleaning and washing products to customers.