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Saudi Automotive Services Company (SASCO) announces an update regarding one of its subsidiaries (Investments and Equipment Company) has signed a memorandum of understanding with Tadbeer Recruitment Co. for the purpose of acquiring a percentage of (70%) of the company’s capital.
| Element List | Explanation |
|---|---|
| Introduction | With reference to the company's announcement published on the Tadawul website on 10/11/2024 regarding an update on the extension of the memorandum of understanding by (Investments and Equipment Company), one of SASCO's subsidiaries, with Tadbeer Recruitment Co. for the purpose of acquiring a percentage of (70%) of the company's capital. Saudi Automotive Services Company (SASCO) is pleased to announce to its shareholders the latest update in this regard. |
| Previous Announcement | Saudi Automotive Services Company (SASCO) announces an update regarding one of its subsidiaries (Investments and Equipment company) has signed a memorandum of understanding with Tadbeer Recruitment Co. for the purpose of acquiring a percentage of (70%) of the company’s capital. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-11-10 Corresponding to 1446-05-08 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | After completing due diligence studies (financial and legal) and receiving initial approval to convert Tadbeer Recruitment Co. from category (B) to category (A), Investments and Equipment Company completed the procedures for signing the acquisition agreement on 19/01/2025, and the most important conditions of which are: • Investments and Equipment Company acquire 70% of Tadbeer's capital for SAR 85 million, to increase the capital of Tadbeer Company from 20 million to 100 million. • The agreement is conditional upon obtaining final approval and converting Tadbeer to category (A) within four months from the date of payment to increase the capital. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The acquisition value is SAR 85 million, which will be financed through the company’s existing credit facilities. |
| Delay consequences on the Company’s financial results | Not applicable |
| Additional Information | SASCO will announce any updates in this regard later. |
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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