TAQAT acquires Bayan Transport for SAR 16.5M

TAQAT to pay for the transaction in cash from available funds

TAQAT Mineral Trading Co. signed, on Jan. 1, a purchase agreement to acquire 100% of Bayan Transport Trading Co. for a total consideration of SAR 16.5 million.

In a statement to Tadawul, the company said the deal involves the ownership transfer of Bayan Transport’s commercial registration to TAQAT, along with the transfer of all related assets, licenses, and premises.

The acquisition also includes the ownership transfer of the company’s trade name. The purchase consideration will be settled within 15 days from the contract signing date.

The company added that it will assume the outstanding liabilities related to the Bank Albilad loan and the finance lease obligations for trucks with Banque Saudi Fransi (BSF).

TAQAT explained that the acquisition will be financed through available cash, with the full value of the transaction to be paid in cash.

The company expects the deal to contribute to higher revenues, positively reflecting on profitability, while also increasing the company’s assets and liabilities and supporting its expansion and growth in the Saudi market.

TAQAT noted that Bayan Transport operates in the transportation and resale of recyclable metals, adding that the acquisition aligns with its expansion strategy in operational activities, transportation, and logistics services.

There are no related parties involved in the deal, the statement added.

TAQAT further stated that this step is in line with its expansion plans, noting that the acquisition includes the company’s assets, licenses, and trade name.