SASCO Assigns SFC for Zaiti Petroleum Services Co. Acquisition

13/01/2014 Argaam

Saudi Automotive Service Company (SASCO) refers to its previous announcement dated October 29, 2013 regarding signing a memorandum of understanding with Madaen Star Group Co. &;;; Mr. Majed Mohammed Al Otham for the acquisition of Zaiti whole shares by SASCO after evaluation of a financial advisor and getting the required approvals among of which SASCO shareholder General Assembly. 
Announcing the latest updates, Saudi Automotive Service Company (SASCO) declares that in January 13, 2014 SASCO has assigned “Saudi Fransi Capital” as a financial advisor to study and evaluate the acquisition process of Zaiti Petroleum Services Co., the financial Advisor will carry out the study and evaluation process and arrange all the required procedures and getting the required help from legal advisors, chartered accountant to accomplish the due diligence and other required advisory services. Note that the duration of the agreement 6 months from the date of signing and may extended of one similar period. 
The company will announce any new updates in this regard.

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