Logo of Saudi Industrial Services Co.
Saudi Industrial Services Co. (SISCO) announced that one of its subsidiaries, Saudi Trade and Export Development Co. (LogiPoint), acquired Elite Group through its affiliate, Green Dome Investments LLC.
SISCO owns 76% stake in LogiPoint and 31.7% in Green Dome, according to a bourse filing.
Green Dome acquired 100% of the share capital of Elite Group.
The transaction was completed on Nov. 25, as LogiPoint’s investment in Green Dome stood at SAR 58 million till date.
SISCO expects the impact of the transaction to be reflected in its Q4 2021 consolidated financial statements through LogiPoint.
The transaction will be funded through a combination of debt and equity via Green Dome.
Elite Group is a leading fully integrated land freight and courier solutions providers in the Middle East. The company has over 1,000 staff, 600 trucks and 9,290 square meters (sqm) of warehouse capacity.
This acquisition gives SISCO and LogiPoint access to a highly specialized overland freight and courier services business with operations and assets across Oman, Bahrain, Qatar and the UAE, with its regional hub in Dubai.
The transaction is in line with SISCO’s new five-year strategy, which aims to expand its presence in logistics services with an emphasis on an asset light model to provide an end-to-end solution for the rapidly growing regional e-commerce sector.
There are no related parties in this transaction.
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