Tadawul-listed Saudi Research and Marketing Group (SRMG) subsidiary, Arab Media Co., has acquired a 51 percent stake in Argaam Investment Co. (Argaam) for a total value of SAR 37.5 million, SRMG said in a statement to Tadawul.
The acquisition of one of the top economic platforms in Saudi Arabia and the Arab world is part of the group’s strategy to expand its specialized information and market economy portfolios to keep abreast of the Kingdom’s investment and economic horizon within the framework of Vision 2030, the statement said.
“We look forward to resuming the development of Argaam and consolidating its position among the leading economic and financial news sites in Saudi Arabia and the region, as well as enhancing its content to provide investors with easy access to data and news," said Argaam co-owner Rasheed Al Owain.
The deal will be self-funded and paid in cash upon finalizing the formal procedures.
Under the agreement, transferring the ownership should be completed by Oct. 24, including obtaining regulatory approvals.
“The acquisition of a controlling stake in Argaam represents our anticipation for the future of the digital content industry in Saudi Arabia,” said chairman of SRMG, Prince Bader bin Abdullah bin Mohammed bin Farhan al Saud.
Saudi-based Argaam owns Argaam.com, the Arab world’s leading financial news portal that provides a diverse audience with real-time updates on financial markets and macroeconomics in Saudi Arabia.
It also owns Akhbaar24.com, one of the go-to news portals in the region.
SRMG is a joint stock company based in Riyadh, with offices in London. The group owns leading newspapers and publications, including Asharq Al Awsat, Arab News, and Al Eqtisadiah.
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