Car rental firm Dar Almarkabah eyes taking over Al Sahm: Nomu-listed Dar Almarkabah for Renting Cars inked an MoU to acquire 100% of Jeddah-based vehicle leasing firm Al SahmCar Rental, it said in a filing to the bourse yesterday. The value of the potential transaction has yet to be determined.

Where we’re at: The six-month agreement gives Dar Al Markabah the green light to conduct due diligence on Al Sahm, which will determine its valuation before a definitive agreement is made. No financial advisors have been appointed yet, and the move is still subject to regulatory approvals.

About Al Sahm: Established in 2019, Al Sahm provides short- and long-term vehicle rental services, including standard sedans, luxury cars, vans, and buses, according to its website. The company offers rental packages, including customer care and roadside assistance on a daily, weekly, or monthly basis, serving both individual and corporate clients.

Market reax: Dar Almarkabah’s stock closed 7.3% lower yesterday at SAR 2.7.

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