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Arabian Contracting Services Co. announces the completion of the procedures for the full acquisition of Faden Media.
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement of Arabian Contracting Services Co. on 21-08-2023 Corresponding to 05-02-1445, regarding receiving conditional approval from the General Authority for Competition regarding the completion of the economic concentration transaction involving the full acquisition of Faden Media (the "Company"). Arabian Contracting Services Co. would like to announce that on 31-10-2023 corresponding to 16-04-1445, the acquisition deal has successfully undergone all necessary processes, and the company is now diligently working to meet all the conditions set forth by the General Authority for Competition within the given statutory timeframe of 6 months. |
| Acquisition Procedures Conclusion Date | 2023-10-31 Corresponding to 1445-04-16 |
| Summary of Acquisition / Purchase | Arabian Contracting Services Co. acquire the entire shares of Faden Media (the “Company”), where the transaction value amounted to a total of one billion and fifty million (1,050,000,000) Saudi Riyals, therefore, Faden Media (the "Company") will be fully owned by 100% to Arabian Contracting Services Co. Faden Media (the "Company") was incorporated in the Kingdom of Saudi Arabia in 2006, with it headquarter located in Riyadh, Faden has successfully established business across digital advertising media on buildings and retail stores. This deal represents an extension of the strategy of the Arabian Contracting Services Co. by entering profitable alliances and partnerships locally and regionally, with the aim of advancing the company’s position, maintaining its leading position, and enhancing its market share by taking advantage of its competitive advantages and acquiring a larger share of the outdoor advertising market, whether roadside advertising or indoor advertisements. |
| Related Parties | N\A |
| Financial Impact | The financial impact will become apparent at the end of the fourth quarter of 2023 when the financial statements are consolidated with Faden Media. |
| Ownership and Legal Documents Transfer Conclusion Date | 31-10-2023 corresponding to 16-04-1445 |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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