SIDC signs MoU to study acquisition of Industrial Production Services

Logo of Saudi Industrial Development Co. (SIDC)

Saudi Industrial Development Co. (SIDC) signed a non-binding memorandum of understanding (MoU) with Sudom Co. and Mohammed Ali Al swailem Group (MASCO) to study the full acquisition of Industrial Production Services Co.

In a statement to Tadawul, SIDC said the acquisition value will be determined after completing the financial valuation and due diligence, as well as obtaining the necessary approvals from the relevant authorities.

The MoU is valid for 90 days from the signing date and will automatically renew for additional periods of similar duration unless either party provides written notice of its intention not to renew before the end of the current term.

Industrial Production Services is an unlisted joint stock company operating in the building and construction sector.

The move is part of SIDC’s strategy to enter new investments with promising growth opportunities, supporting revenue diversification and reducing reliance on its existing activities.

The company added that Ahmed Al Mohsen, a non-executive board member and member of the remuneration and nomination committee, as well as Managing Director and CEO of MASCO, is a related party to the agreement.

SIDC noted that the MoU is non-binding and will not result in any financial obligations for the company if the acquisition is not completed or is abandoned for any reason.