Port Services and Storage Company has a new majority shareholder: Tadawul-listed Sustainable Infrastructure Holding Company (Sisco Holding) inked a sale and purchase agreement to acquire a 51% equity stake in Port Services and Storage Company (PSS), according to a Tadawul disclosure (pdf). The transaction will be locked in this quarter — with the contract still subject to regulatory clearance from the General Authority for Competition.

Playing with paper: The total purchase price, which is fully financed in banknotes, is valued at up to SAR 132 mn — consisting of an initial payment of SAR 91.8 mn and performance-based earn-out payments of up to SAR 40.8 mn. The latter payment is pegged to specific financial targets to be met over the next two years.

Sisco is leveling up its logistics game: Sisco currently houses logistics service provider LogiPoint and PSS in its logistics real estate portfolio — two firms that will enable it to operate and develop warehousing solutions across the Eastern province. It also has a hand in the Kingdom’s flagship container terminal at Jeddah Islamic Port, Red Sea Gateway Terminal.

About PSS: Established in 2007, PSS offers built-to-suit warehousing and comprehensive logistics services. It manages over 130k sqm of logistics infrastructure in Dammam and Jubail — with ambitions to build a further 280k sqm of leasable land in the same region. PSS is also looking to expand its involvement at Jubail Logistics Park, the statement adds.

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