Further to the announcement by Aseer Company on Tadawul on August 4, 2013 regarding the signing of conditional agreement to buy 38% of Al-Essa Industriesshares from four stockholders for SAR 567 million, pending conditions to be met ahead of December 31, 2013; the company announces that, on October 8, 2013, all conditions for the transfer of shareholding to the company were fulfilled, thereby the company has become, starting from the date above, owner of 13.3 million shares, i.e. 38% of the total share capital of Al-Essa.
Aseer financed the deal by a long-term Islamic murabaha credit facility from Samba Financial Group, as announced by the company on Tadawul on August 4, 2013.
Al-Essa is a Saudi closed joint stock company with a capital of SAR 350 million and 35 million shares. The financial effect of the deal will start as of the date of announcement and will be reflected on the company results in the fourth quarter 2013.
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