Maaden subsidiary gets regulatory nod to acquire Meridian Group stake

08/08/2019 Argaam

 

Saudi Arabian Mining Company (Maaden) announced that its wholly-owned subsidiary, Ma’aden Marketing and Distributing Company, has obtained regulatory approvals to complete the acquisition of an 85 percent stake of Meridian Group.

 

The financial impact of the acquisition is expected to reflect in Q3 2019 results, the company said in a bourse statement.

 

According to data compiled by Argaam, Ma’aden Marketing and Distributing Co. signed last April a deal to acquire a controlling stake of the Meridian Group for $140 million (SAR 525 million).

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