Raoom signs SAR 5.2M deal to acquire factory in Jeddah

09:09 AM (Mecca time) Argaam
Raoom says transaction remains subject to MODON’s approval for lease transfers

Raoom says transaction remains subject to MODON’s approval for lease transfers


Raoom Trading Co. signed an agreement, on Nov. 23, with Alma Glass and Aluminum Manufacturing Co. to acquire an existing factory located in Jeddah’s First Industrial City, for a total value of SAR 5.2 million.

 

The acquired asset includes a glass and aluminum factory, along with operational facilities, worker housing, and fixed assets, the company said in a statement to Tadawul, today, Nov. 24.

 

It noted that the deal will be financed through bank facilities previously obtained by the company.

 

Raoom also signed a purchase and assignment agreement with Alma, under which Alma will transfer to Raoom the lease contracts signed with the Saudi Authority for Industrial Cities and Technology Zones (MODON) for both the factory site and worker housing.

 

The company added that the transaction is subject to MODON’s approval for the lease transfers.

 

Raoom expects the financial impact of the acquisition to reflect in its operating results once all procedures are completed and the contracts and assets are transferred in line with applicable regulations.

 

Any material developments will be announced in due course, it confirmed.

 

The company stated that the acquisition aligns with its broader expansion strategy aimed at strengthening operational capabilities, increasing production capacity, and enhancing its geographic footprint across the Kingdom.

 

It added that the move supports its efforts to diversify revenue sources and improve operational efficiency.

 

There are no related parties to the deal, the statement added.

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