Saudi Mubarrad acquired a 95 percent stake of Arabian Security & Safety Services (AMNCO) at a total value of SAR 180.3 million.
The acquisition came in line with the transport company's strategy that focuses on expansions and diversifying income resources.
The stake purchase is subject to obtaining the approval of the competent authorities and fulfilling all legal and commercial conditions, according to the company's filing on Tadawul, Saudi Arabia’s bourse.
Maceen Capital was appointed as the financial advisor of the deal to undertake due diligence. The company has paid SAR 20 million from its own resources.
All relevant details will be announced upon completing the due diligence and regulatory procedures of ownership transfer, Mubarrad added.
Financial impact will be recorded in second quarter this year.
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