Saudi Company for Hardware’s (SACO) shareholders approved on Wednesday to fully acquire Medscan Terminal Co. for SAR 37 million, the company said in a statement to the Saudi bourse.
SACO will purchase a 99 percent stake in the firm, while the remaining 1 percent stake will be bought by Sameer Abdulaziz Al Hamidi, SACO’s chief executive officer and managing director, to maintain the legal status of Medscan.
The company added that the acquisition will be completed upon obtaining the approval of the Ministry of Commerce and Industry.
Two board members at SACO, who represent Abrar International Holding Co., are related parties in the deal. Abrar is a major shareholder in the home improvement solutions provider and also a shareholder in Retaaj Al Moutamiza Investment Co. Ltd., one of Medscan's owners.
However, no preferential terms were given to anyone, SACO added.
In October, SACO signed a memorandum of understanding (MoU) with Medscan’s owners for the acquisition.
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