SIDC appoints financial advisor on Advanced Energy buyout

Logo of Saudi Industrial Development Co. (SIDC)

Saudi Industrial Development Co. (SIDC) appointed Alinma Capital as financial advisor on the planned 100% acquisition of Advanced Energy Trading and Contracting Co., an unlisted company.

In a statement to Tadawul, SIDC said the appointment does not mean that a final agreement has been reached or that the deal has been completed, adding that the potential transaction remains subject to the outcome of the valuation and due diligence, negotiations, final agreements, and the relevant regulatory and internal approvals.

Any material developments regarding this deal will be announced in due course in accordance with regulatory requirements, the company added.

According to data compiled by Argaam, SIDC signed this month 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.

The acquisition value will be determined after completing the financial valuation and due diligence and obtaining the necessary approvals from the relevant authorities.