Saudi Arabia’s Council of Competition (COC) invited on Sunday relevant authorities to assess Saudi Automotive Services Company's (SASCO) bid to acquire Zaiti Petroleum Services Co.
The COC has asked competent authorities and related parties to assess the target acquisition, which was placed by Automotive & Equipment Investment Co., SASCO's 99 percent-owned subsidiary.
SASCO establishes and operates car and passenger service stations inside cities and on major highways in the kingdom. It owns nearly 74 fuel stations and rest stops across the kingdom.
The Tadawul-listed company has strong presence— 50 percent of operations— in the central region. Zaiti builds fuel stations and operates, manages, and owns 52 branches across the kingdom.
According to data available on Argaam, SASCO at the end of 2014 signed an agreement to take over Zaiti at an initial value of SAR 58 million.
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