Aseer Company announces that it signed agreement on August 3, 2013 to buy 13.3 million shares (38% of share capital) in Al-Essa Industries, a Saudi Joint Stock Company, from four current shareholders for SAR 567 million, after completion of due diligence checks.
The finalization of the acquisition and transfer of shares is pending a set of conditions to be met by December 31, 2013 (or other deadline agreed upon by the parties).
Such conditions include, among others,securing the approval of third parties related to the company such as banks, trade suppliers and others,and the completion of legal and regulatory procedures.
Aseer will finance the deal by a long-term Islamic murabaha credit facility from a local bank, which will be announced in due course. The company is a Saudi closed joint stock company with a capital of SAR 350 million and 35 million shares.
The company signed this agreement to diversify its investor base and create continuous growth opportunities.
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