Logo of Anaam International Holding Group
Anaam International Holding Group signed, on May 31, a sales and purchase agreement (SPA) to acquire Al Murjan Group Holding Co.’s entire ownership of 69.33% in United Ink Production Co. for SAR 38.8 million, according to a statement to Tadawul.
The enterprise value for United Ink Production stood at SAR 56 million, said the company, adding that the deal will be financed from internal resources.
The deal comes in line with the company’s strategic expansion policy, which aims to support the company's expansionary plans by entering new sectors.
United Ink Production manufactures and promotes various industrial inks with a production capacity of 8,620 tons per annum. The company’s average total assets for the last three years reached SAR 79.7 million, while the average total revenue for the same period amounted to SAR 94.8 million. On the other hand, the average net income hit SAR 6.2 million for the same period.
The SPA is subject to a number of regulatory and commercial terms that should be fulfilled.
Any material developments will be announced in due course, the statement added.
In January, Anaam inked a non-binding memorandum of understanding (MoU) with Al Murjan Group to acquire its entire ownership of 69.33% in United Ink Production, according to Argaam .
In May, Anaam extended the non-binding MoU with Al Murjan Group to acquire its stake in United Ink Production for additional 30 days starting from the end of the original MoU on May 2, Argaam reported.
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