{"id":83568,"date":"2024-02-19T00:00:00","date_gmt":"2024-02-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/19\/aramco-mapei-get-regulatory-approvals-for-separate-mergers-in-kuwait\/"},"modified":"2024-02-19T00:00:00","modified_gmt":"2024-02-19T00:00:00","slug":"aramco-mapei-get-regulatory-approvals-for-separate-mergers-in-kuwait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/19\/aramco-mapei-get-regulatory-approvals-for-separate-mergers-in-kuwait\/","title":{"rendered":"Aramco, Mapei get regulatory approvals for separate mergers in Kuwait"},"content":{"rendered":"

Two Saudi companies have received separate approvals from Kuwait\u2019s Competition <\/strong>Protection Agency <\/strong>that clear the way for them to go ahead with acquisitions in the country, the agency said on X (here<\/a>, and here<\/a>). The agency is reviewing two other requests for clearance from Saudi companies. <\/p>\n

Oil giant Aramco has the go-ahead to buy EIG\u2019s LNG unit, MidOcean Energy.<\/strong>Aramco finalized<\/a> agreements to acquire a minority stake worth USD 500 mn in MidOcean Energy in September 2023.<\/p>\n

The second merger<\/strong> involved chemical product manufacturers Mapei Saudi, Mapei Italy, and the Dammam-based waterproofing systems manufacturer Bituminous Products<\/a> Saudi. Mapei acquired all shares of Bitumat<\/a>, from a fund managed by Gulf Investment Corporation. <\/p>\n

In the pipeline: <\/strong>Approval for Sabic\u2019s Saudi Iron and Steel Company (Hadeed) to acquire 100% of Rajhi Steel<\/a> in a transaction that would see the shareholders of Al Rajhi Investment get shares in Hadeed, CPA said in a separate post<\/a>. <\/p>\n

BUT- The agreement is contingent on the Public Investment Fund (PIF) getting the nod <\/strong>from the regulatory agency<\/strong> to acquire 100% ownership of Hadeed, after which PIF will sell an additional number of Hadded shares to Al Rajhi Investment. Sabic said<\/a> in September 2023 that PIF would buy 100% of its stake in Hadeed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sabic unit Hadeed is still waiting for clearance to buy 100% of Rajhi Steel<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[1124,139,1122,2425,10,1123,14,392,1121,1120,154,138],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83568","post","type-post","status-publish","format-standard","hentry","category-ma-watch","tag-alrajhi-steel","tag-aramco","tag-bituminous-products-bitumat","tag-energy","tag-enterpriseam-ksa","tag-hadeed","tag-ma-watch","tag-manufacturing","tag-mapei","tag-midocean-energy","tag-pif","tag-sabic","wpautop","entry"],"acf":{"mongo_id":"6daa8e9c-1944-49a5-aa9e-44b3c11c414a","is_powered_by":false,"story_type":"1","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Aramco, Mapei get regulatory approvals for separate mergers in Kuwait","related_issue":[83561],"teaser":"Sabic unit Hadeed is still waiting for clearance to buy 100% of Rajhi Steel","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.49f64c3f-af61-4bad-9880-345456a8a124.mp3"},"yoast_head":"\nAramco, Mapei get regulatory approvals for separate mergers in Kuwait - 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