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Al-Wasail Industrial Company announces that it has signed a purchase agreement with the partners in Shukor Composite Piping Systems Middle East Limited, to fully acquire the company.
| Element List | Explanation |
|---|---|
| Introduction | Alwasail Industrial Company announced on 11/23/1444 AH corresponding to 06/12/2023 AD, the signing of a purchase agreement to acquire all the shares of Shukor Composite Piping Systems Middle East Limited. |
| Transaction Details | Al-Wasail Industrial Company entered into a purchase agreement to acquire the entire share of the owners of Shokor Composite Piping Systems Middle East Limited, with a total transaction value of two million (2,000,000) Saudi riyals. |
| Transaction Value | Two million (2,000,000) Saudi riyals |
| Transaction Terms | The completion of the deal is subject to a number of preconditions mentioned in the purchase agreement, including obtaining approvals from the relevant government agencies, including obtaining the approval of the General Authority for Competition. |
| Parties of the Transaction | - Alwasail Industrial Company (buyer). - Partners in Shukor Composite Piping Systems Middle East Limited (Partners). |
| Transaction Funding Method | The transaction will be financed from the company's own resources. |
| Transaction Execution Date | 2023-06-12 Corresponding to 1444-11-23 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Shawkor Composite Pipes Company in the Middle East owns an integrated production plant established on sound foundations and licensed in the second industrial zone in Dammam, with an area of 45,000 square meters. It is a branch of an international company whose activities are manufacturing non-metallic products specialized in the field of oil and gas. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | There are no financial statements |
| Transaction reasons | Achieving the strategic objectives of the company that aims to expand the business base of Al-Wasail Industrial Company by taking advantage of the increasing opportunities in the sector in accordance with the company's strategic plans. |
| Expected Impact of the Transaction on the Company and Its Operations | The financial impact of this transaction is expected to be reflected starting from the first half of the fiscal year 2024 AD. |
| Related Parties | There are no related parties. |
| Additional Information | - The company owns a plot of land licensed as a factory for the production of composite pipe systems in the second industrial zone in Dammam, with an area of 45,000 square meters, which will allow Al-Wasail Industrial Company to obtain a location closer to the main markets of the company's activity and reduce logistical costs. - The company will announce any other material developments in due course. |
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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