Naseej gets GAC approval on Etmam acquisition

14/08/2025 Argaam
Logo ofNaseej International Trading Co.

Logo of Naseej International Trading Co.

Naseej International Trading Co. obtained a no-objection certificate from the General Authority for Competition (GAC) to acquire 100% of Etmam Arabia Construction Co. Ltd through a capital increase.
 

In a Tadawul statement today, Aug. 14, the company said it will increase capital through the issuance of new shares worth SAR 552 million to Etmam shareholders.

 

For more news and details on M&As

 

Naseej will announce any developments regarding the transaction, in accordance with the relevant laws and instructions.

 

According to data available with Argaam, Naseej signed in March 2024 a non-binding memorandum of understanding (MoU) with Etmam to fully acquire the latter's shares, upon reaching a final agreement between the two parties.

 

In February 2025, Naseej signed a sale and purchase agreement (SPA) with Etmam shareholders. Naseej is to issue approximately 6.3 million new shares to Etmam’s shareholders, as shown in the table below:

 

Capital Increase Details

Current Capital

SAR 108.97 mln

No. of Shares

SAR 10.9 mln

Capital Hike Value

SAR 63.01 mln

Percentage Increase (%)

57.8%

New Capital

SAR 171.99 mln

New Number of Shares

17.2 mln

Naseej's Post-Share Swap

Ownership in Etmam Arabia

100%

Ownership of Shareholders Granted

New Shares Upon Acquisition Completion

36.6%

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