SASCO subsidiary extends MoU with Tadbeer Recruitment

Logo of Saudi Automotive Services Co. (SASCO)

Saudi Automotive Services Co.’s (SASCO) subsidiary, Investments and Equipment Co., has extended the memorandum of understanding (MoU) with Tadbeer Recruitment Co., under the same terms and conditions, for an additional three months from its expiration date.

In a statement on Tadawul, the company said the extension aims to complete required procedures. It confirmed there is no financial impact from the extension and will announce any updates in due course.

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In August, Investments and Equipment signed an MoU to acquire 70% of Tadbeer Recruitment’s capital for SAR 85 million, conditional on converting the company from Class B to Class A and raising the capital to SAR 100 million from SAR 20 million, according to Argaam’s data.