Sadirat signs addendum to MoU for Advanced Energy Trading acquisition

Logo of Saudi Industrial Export Co. (Sadirat)

Saudi Industrial Export Co. (Sadirat) signed an addendum to the non-binding memorandum of understanding (MoU) with Entaj Industrial Services Company.

The one-year addendum has the same terms and conditions, expires on Aug. 31, with the possibility of extension by written agreement between the parties.

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In a statement to Tadawul, the company explained that the extension comes with the aim of completing the necessary procedures and studies related to the acquisition process, including financial, legal, commercial, and technical evaluations.

According to Argaam’s data, Sadirat signed, in November, a non-binding MoU with Entaj Industrial Services Co. to acquire the capital of its subsidiary Advanced Energy Trading and Contracting Co.

In January, Sadirat appointed Alinma Investment Co. as a financial advisor to conduct and complete the necessary studies to complete the acquisition process.