Saudi Automotive Services Company (SASCO) announces an update regarding one of its subsidiaries (Investments and equipment company) has signed a memorandum of understanding with Tadbeer Recruitment Co. for the purpose of acquiring a percentage of (70%) of the company’s capital.
| Element List | Explanation |
|---|---|
| Introduction | with reference to the SASCO's announcement on the Tadawul dated January 19, 2025, regarding the latest update regarding one of its subsidiaries (Investments and equipment company) signing a memorandum of understanding with Tadbeer Recruitment Co. to acquire a 70% company’s capital.
SASCO would like to announce to its shareholders that on October 9, 2025, was notified of obtaining the license and converting Tadbeer from a Class B to A. Accordingly, the share of Investments and equipment company (SASCO subsidiary) will now represent 70% of Tadbeer's capital, amounting to SAR 100 million. |
| Previous Announcement | Saudi Automotive Services Company (SASCO) announces an update regarding one of its subsidiaries (Investments and equipment company) has signed a memorandum of understanding with Tadbeer Recruitment Co for the purpose of acquiring a percentage of (70%) of the company’s capital. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-01-19 Corresponding to 1446-07-19 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The Class A license has been obtained, and the acquisition agreement becomes effective upon the acquisition of 70% of Tadbeer’s capital by Investments and equipment company (SASCO subsidiary). |
| Reasons For The Delay on The Date of The Event Previously Announced | Not applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The acquisition value is SAR 85 million, financed through the company's existing credit facilities. |
| Delay consequences on the Company’s financial results | Not applicable |
| Additional Information | This acquisition is part of the company's goal to diversify its investments and integrate services across its subsidiaries. The financial impact will be included in 2025 annual financial statements. |
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