Anaam completes procedures to buy 51% stake in Saudi Wasit Establishment subsidiary

08/08/2021 Argaam

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Anaam International Holding Group completed, on Aug. 5, the procedures required to conclude the agreement with Saudi Wasit Establishment to acquire 51% stake in Saudi Wasit Factory for Entertainment & Beauty Systems for SAR 24.48 million.

 

The company said in a bourse filing that the financial impact of the deal will be visible on the results of the current quarter (Q3) of 2021.

 

Saudi Wasit Factory for Entertainment & Beauty Systems is a branch of Saudi Wasit Establishment and was converted into a closed joint-stock company. The main activity of the company is manufacturing and marketing toys, entertainment equipment, and accessories for gardens, beaches, and water parks.

 

According to data compiled by Argaam, Anaam announced in April signing a non-binding memorandum of understanding (MoU) with Saudi Wasit Establishment for the potential acquisition of 51% stake in Saudi Wasit Factory for Entertainment & Beauty Systems.

 

In July 2021, Anaam announced that it had signed a sale and purchase agreement to acquire 51% of the shares of the company for a total value of SAR 24.48 million.

 

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