SACO to buy logistics firm Medscan for $9.9 mln

14/03/2016 Argaam

Saudi Company for Hardware (SACO) has agreed on Monday with the owners of Medscan Terminal Co. Ltd. to acquire 100 percent of the transportation and logistics firm for SAR 37 million ($9.9 million).

 

The acquisition will be financed from the company’s resources and Sharia-compliant facilities, SACO added in a bourse statement.

 

The deal will be subject to approval at the upcoming general assembly meeting before initiating the purchase procedures.

 

In October, SACO signed a memorandum of understanding (MoU) with Medscan’s owners for the acquisition.

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