Logos of SASCO and NAFT Services
Saudi Automotive Services Co. (SASCO) announced the acquisition of an 80% stake in NAFT Services Co. for SAR 1.1 billion, according to a bourse filing.
The acquisition deal will be financed via internal sources and bank facilities, and is expected to reflect positively on profitability as of Q2 2022.
The deal comes within SASCO’s expansionary strategy aimed at acquiring new sites, boosting its market share and strengthening foothold.
NAFT was established in 1987 and specialized in the field of gas stations, car services and distribution of petroleum products in Saudi Arabia. It owns and operates 233 sites across the Kingdom.
Updates will be duly revealed and the deal included no related parties, the company added.
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