WSM edges closer to acquiring Wasl Technology

M&A WATCH-

#1- WSM edges closer to acquiring Wasl Technology: WSM for Information Technology received a No Notification Required Certificate from the General Authority for Competition for its full acquisition of Wasl Technology for Information Systems, according to a disclosure to Tadawul.

Remember- WSM inked a non-binding 12-month MoU last month to acquire 100% of Wasl. The transaction’s value will be determined through financial evaluation and due diligence, and it will be funded by WSM’s own resources. Value Capital Company was appointed by WSM as a financial advisor for the transaction.

#2- Sasco’s unit extends MoU for acquiring Tadbeer Recruitment: Saudi Automotive Services’s (Sasco) subsidiary Investments and Equipment extended an MoU it had signed to acquire a majority stake in Tadbeer Recruitment for an additional three months, according to a disclosure to Tadawul. The agreement, which was originally signed on 11 August, will see Sasco’s unit acquire a 70% share in Tadbeer Recruitment for SAR 85 mn.

The caveat: The Sasco subsidiary will proceed with the transaction under the condition that Tadbeer increase its capital to SAR 100 mn, up from SAR 20 mn, and convert its stock type to class A from class B. Class A stocks usually give the majority shareholder more voting rights, and higher dividends. The transaction is pending the completion of due diligence, but is not subject to regulatory approvals.

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DEBT WATCH-

Red Sea International’s subsidiary raises credit line limit with Alinma Bank: The Fundamental Installation for Electric Work Company, the MEP contracting arm of Red Sea International, raised its credit line ceiling with Alinma Bank by SAR 30 mn to SAR 230 mn, according to a disclosure to Tadawul from its parent company.

The pitch: Building on a SAR 200 mn agreement on 31 March, the credit line runs until 20 August, 2025 and aims to back the issuance of advance payment and performance bonds, as well as letters of credit.

AVIATION-

Local budget airline flyadeal is adding three new domestic flights from Dammam next year, according to a press release. The new routes include daily flights to Najran, and four flights a week to Tabuk, scheduled to launch 1 January, 2025. In addition, a Yanbu flight will be operated three times a week starting 2 January.

Flydeal’s all-year-round domestic network now includes: Abha, Al Bahah, Al Hofuf, Bisha, Dammam, Gizan, Hail, Jeddah, Madinah, Neom, Qassim, Riyadh, Tabuk, and Taif. Meanwhile, the carrier’s international routes include Amman in Jordan, Cairo and Sohag in Egypt, Dubai in the UAE, and Istanbul in Turkey.

HEALTHCARE-

The International Medical Center (IMC) Hospital plans to set up a new medical college in Jeddah, according to a press release. The IMC Medical College will offer medical and nursing programs, and a public health master’s degree. The campus will feature six floors, with a capacity for 1.2k students. “The construction of the IMC Medical College will begin soon, with completion targeted within the coming years,” the statement read, without giving specific dates. The project’s investment ticket was not disclosed.