SRMG affiliate acquires stake in Al Watania Distribution
Saudi Company for Distribution, an affiliate of Saudi Research and Marketing Group (SRMG), has inked a contract on Wednesday to acquire a stake in Al Watania Distribution Co., SRMG said in a bourse statement.
SRMG said its affiliate will acquire a stake equivalent to each founding partner’s stake in Al Watania, without mentioning the exact stake percentage.
SRMG affiliate will also relocate to Al Watania’s headquarters to merge both companies’ distribution operations.
The contract will continue as long as Saudi Distribution remains a partner in Al Watania, the statement added.
Tadawul-listed SRMG said the deal comes in line with its strategy to focus on its core business activities, while adding that it expects the agreement to reflect positively on its financials.