RIYADH: FAS Labs, jointly owned by Arabian Centres Co. and Fawaz Abdulaziz Alhokair Co., signed a deal with valU for Consumer Finance S.A.E. to sell its 35 percent stake in FAS Finance to valU.
The partnership will result in FAS Labs owning 65 percent and valU owning 35 percent in FAS Finance, according to a bourse filing.
FAS Labs was recently established to lead the joint digital initiatives of Alhokair and ACC, offering Saudi customers a range of customizable digital consumer finance solutions.
By partnering with valU, FAS Finance will be able to provide a variety of digital payment solutions, while leveraging valU's existing position.
ValU is a subsidiary of EFG Hermes and offers buy-now, pay-later services, as well as customizable financing plans of up to 60 months.