Mubarrad’s AMNCO takes SAR 6 mln stake in Cash Solutions
Arabian Security & Safety Services Co. Ltd. (AMNCO), a subsidiary of Saudi Transport and Investment Co. (Mubarrad), signed a SAR 6 million agreement on Wednesday to acquire a 51 percent stake in Cash Solutions Ltd., Mubarrad said in a statement to Tadawul.
AMNCO has self-financed the deal, which is expected to be finalized by February, as the company is obtaining the regulatory approvals.
The financial impact of this deal is expected to show in the first quarter of this year, the statement added.
The acquisition will positively impact AMNCO’s strategy to provide advanced cash solutions and services to the region’s financial and public institutions.
Mubarrad recently sold a 15 percent stake in AMNCO for SAR 150 million, retaining 79.89 percent.