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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 SASCO's announcement on the Tadawul dated January 19, 2025, regarding the latest update regarding one of its subsidiaries (Investments and equipment company) signing a memorandum of understanding with Tadbeer Recruitment Co. to acquire a 70% company’s capital. SASCO would like to announce to its shareholders that on October 9, 2025, was notified of obtaining the license and converting Tadbeer from a Class B to A. Accordingly, the share of Investments and equipment company (SASCO subsidiary) will now represent 70% of Tadbeer's capital, amounting to SAR 100 million. |
| 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 | 2025-01-19 Corresponding to 1446-07-19 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The Class A license has been obtained, and the acquisition agreement becomes effective upon the acquisition of 70% of Tadbeer’s capital by Investments and equipment company (SASCO subsidiary). |
| Reasons For The Delay on The Date of The Event Previously Announced | Not applicable |
| 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, financed through the company's existing credit facilities. |
| Delay consequences on the Company’s financial results | Not applicable |
| Additional Information | This acquisition is part of the company's goal to diversify its investments and integrate services across its subsidiaries. The financial impact will be included in 2025 annual financial statements. |
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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