Aslak secures GAC no-objection to complete 40% acquisition of Al Raeda

Logo of United Wire Factories Co. (Aslak)

United Wire Factories Co. (Aslak) obtained a no-objection certificate from the General Authority for Competition (GAC) to proceed with the acquisition of a 40% stake in Al Raeda Industrial Investment Co.

The deal will be executed through a capital increase, under which Aslak will issue new shares (consideration shares) to Al Raeda’s selling shareholders, pursuant to the GAC’s Certificate No. 3832 dated Feb. 28, 2026.

In a statement to Tadawul, the company said completion of the deal remains subject to several conditions.

These include obtaining approval from the Capital Market Authority (CMA) for the capital increase and the publication of the shareholders’ circular, as well as securing Tadawul’s approval to list the new shares resulting from the capital increase.

Additional conditions include approval from the company’s extraordinary general meeting (EGM) in line with the Companies Law and the Rules on the Offer of Securities and Continuing Obligations, along with any other necessary or relevant regulatory approvals related to the deal.

The company said it will disclose any material developments regarding the progress of the acquisition in due course.

According to data compiled by Argaam, Aslak signed, in January, a share purchase agreement (SPA) to acquire 40% of Al Raeda’s capital from the selling shareholders, in exchange for issuing new consideration shares in Aslak.

The company had agreed with the selling shareholders on a fair value of SAR 92.82 million for the new shares.