Aslak gets GAC nod on acquiring stake in A-1 Fence Arabia

08/03/2023 Argaam

Aslak gets GAC nod on acquiring stake in A-1 Fence Arabia

Aslak products

United Wire Factory Co. (Aslak) obtained the General Authority for Competition's (GAC) non-objection on the economic concentration process related to acquiring a stake in A-1 Fence Arabia for Industry.

 

In a statement on Tadawul, Aslak said it will work to complete the agreement by paying its share in the capital of A-1 Fence DMCC Co., amounting to SAR 281,400, during the second quarter of 2023.

 

The acquisition process is expected to be completed by Q2 2023, and no related parties included in the deal, the statement added.

 

In August 2022, Aslak signed a share purchase agreement to acquire 30% of UAE-based A-1 Fence DMCC Co.’s wholly owned subsidiary, A-1 Fence Arabia for Industry, Argaam reported earlier.

 

The deal was subject to GAC and other relevant regulatory authorities’ approval.

 

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