Valeo CEO Walid Hassouna said that the value of Valeo’s acquisition of a stake in FAS Labs has not been announced, except that it will be close to the book value of the company.
Hassouna said in an interview with “Al Arabiya”, that FAS Labs has not yet obtained the license to start any operations.
Hassouna added that buying the stake comes within Valeo’s plans to expand in some Arab markets during the current and next two years.
He pointed out that “Value” succeeded in acquiring a 30% share of the financing in the Egyptian market, and the company became the first in installment sales, and then the move came now to the Saudi market.
He continued, “We expect to start activity at the earliest opportunity, and we are waiting for the approvals of the Saudi Central Bank to obtain the operating license, and we will be actively present in the market before the end of this year.”
Hassouna stated that the company has been making profits since January 2020, just two years after its launch.
The president of Valeo stated that the company’s business model includes many types, including selling without interest, or with interest, and is not limited to a few terms, but rather allows installments up to 60 months.
He referred to the company’s ability to borrow from banks at competitive prices, because we are part of the largest investment bank in the Arab region (Hermes).