i2 acquires CompuMe to invest USD35 million in multi-concept stores

The acquisition will also pave the way for the creation of multi-concept stores housing the widest selections of Telecommunications, IT and Digital Electronic products under one roof creating a unique customer experience outlets. i2 is planning to open additional 150 retail outlets in the Middle East and African regions in the next three years with a total investment of US$35 million. Additionally, the existing 340 i2 retail stores will be revisited for planned refurbishments to include IT and electronic product offerings.

"This is a momentous occasion for i2 Group as we pursue our expansion plan to be the largest retailer covering 30 countries. Undoubtedly, i2 is the only electronics, telecommunications, and IT retailer with an extensive network than spans across the Middle East and Africa. We promise and provide quality products to each of our markets,"

said Abdul Hameed Al Sunaid, CEO of i2 Group.

Commenting on the deal, Dikran Tchablakian, Vice Chairman of CompuMe Ltd. and now the Senior Vice President-Retail of i2 Group said: "With the merger, CompuMe brings in its expertise in retail operations and technical know-how to the i2 business which will be implemented in the existing i2 outlets in 22 countries and the forthcoming 150 multi-concept stores."

As the appointed Senior Vice President for i2 Retail, Tchablakian will be in charge of the retail operations, bringing with him his professional expertise in computer-related business. Tchablakian was one of the pioneers of Sakhr, a highly-successful and popular Arabic computer hardware and software business based in KSA in the mid-80s to early 90s, where over 50 retail stores were opened. He then went on to create CompuMe in 1998 as the first computer mega store in the region with franchise outlets in UAE, KSA's Riyadh, Jeddah and Khobbar, Egypt and Bahrain.

In 2005, i2 and Tchablakian acquired the UAE operations of CompuMe retail outlets from CompuMe British Virgin Islands through a 60-40 partnership. Moving forward, the two began negotiations in December 2006 on a share-swap deal wherein CompuMe will be acquired by i2 Group. The agreement was finalized in January 2007.

Al Sunaid said that the acquisition brings in a new image and seen to enhance the customer experience for Nokia and other mobile brands i2 retail carries.

i2 Group grew exponentially in 2006 as it entered five new markets in Africa, announced two acquisitions and launched its own TV station. The company operates in 22 markets and is the leading mobile provider in the region.

"i2 has no limits. If we see an opportunity to improve, to grow and to offer our customers more, we will take it," concluded Al Sunaid.