{"id":88561,"date":"2024-08-08T00:00:00","date_gmt":"2024-08-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/08\/two-ma-transactions-in-the-pipeline\/"},"modified":"2024-08-08T00:00:00","modified_gmt":"2024-08-08T00:00:00","slug":"two-ma-transactions-in-the-pipeline","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/08\/two-ma-transactions-in-the-pipeline\/","title":{"rendered":"Two M&A transactions in the pipeline"},"content":{"rendered":"

M&A WATCH- <\/p>\n

#1- Gulf Union Al Ahlia Cooperative Ins. want to fully acquire Gulf General<\/strong> Cooperative Ins.: <\/strong>The two companies signed a non-binding MoU to explore a merger, involving due diligence and discussions on terms, according to two separate statements here<\/a> and here<\/a>. The merger would be through a share-swap agreement where Gulf Union Al Ahlia acquires 100% of the other company through a share swap agreement. No further information was disclosed.<\/p>\n

\n

\n

#2- <\/strong>Egypt<\/strong>-based Medical diagnostic services provider <\/strong>City Lab<\/a><\/strong> plans to acquire a 50%<\/strong> stake <\/strong>in the <\/strong>Saudi Egyptian Company for Medical Laboratories<\/a><\/strong> by financing SAR 100k of the planned capital increase of the Jeddah-based company,<\/strong> according to a press release (pdf)<\/a>. The Saudi Egypt Company offered a stake worth EGP 250 mn to City Lab in March<\/a>.<\/p>\n

\n

COMMODITIES-<\/p>\n

Gov\u2019t pays second installment of wheat arrears to farmers: <\/strong>State grains buyer General Authority for Food Security has paid SAR 314.5 mn to 682 farmers, settling arrears for buying 180k tons of wheat this year, state news agency SPA<\/a> reported. This is the second installment of wheat arrears disbursed by the government for the 2024 harvesting season, which has seen the government procure 552.5k tons of wheat from 2.8k farmers as of mid-July.<\/p>\n

ICYMI-<\/strong> The General Authority for Food Security paid SAR 295.2 mn to 792 farmers in the first installment of wheat arrears for this year in July<\/a>.<\/p>\n

\n

SPACE-<\/p>\n

Halo Space to conduct its next test flight in the Kingdom:<\/strong> Spanish space tourism startup Halo Space has chosen Saudi Arabia to conduct its coming test flight for stratospheric balloons using an uncrewed, full-sized prototype capsule that will soar 30 km above the earth, according to a statement picked up by Satellite Evolution<\/a>.<\/p>\n

More in the pipeline: <\/strong>Halo plans to establish a flagship operational base and final assembly site in Saudi Arabia, the statement read. It also plans to launch its first manned flight in 2025, before kicking off commercial flights in 2026, which will offer six-hour trips to view the Earth from a 35-km altitude.<\/p>\n

\n

INFRASTRUCTURE-<\/p>\n

The Water & Power Engineering Company has completed a SAR 287 mn turnkey water<\/strong> utilities project in Qiddiya, <\/strong>according to a Linkedin post<\/a>. Originally slated for 18 months, the project was finished in under 6 months. The tasked projects included two water pumping plants, a sewage treatment plant, a district cooling plant, a corridor trench, a culvert tunnel network, and ICT infrastructure.<\/p>\n

\n

EDUCATION-<\/p>\n

T<\/strong>he Culture Ministry <\/strong>has added 118 new institutions to its <\/strong>Cultural Scholarship Program<\/a><\/strong>,<\/strong> bringing the total to 278 across 15 countries, according to state news agency SPA<\/a>. The US has the lead with 58 institutions included in the program, followed by the UK with 40. Notable additions include the University of San Francisco and Arizona State University in the US, and Royal Holloway University and University of Liverpool in the UK. <\/p>\n

About the program:<\/strong> The program allows students to earn several academic degrees in cultural majors from international educational institutions, fully covering study costs, living expenses, and medical ins.<\/p>\n

\n

LOGISTICS-<\/p>\n

Saudi Arabian Mining Ma\u2019aden<\/a><\/strong> has inked a letter of intent with the Saudi national<\/strong> shipping carrier <\/strong>Bahri<\/a><\/strong> to leverage the would see the mining giant leverage Bahri\u2019s logistics network to ramp up its exports, according to a statement<\/a> from Bahri.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt-based Medical diagnostic services provider City Lab plans to acquire a 50% stake in the Saudi Egyptian Company for Medical Laboratories.<\/p>\n","protected":false},"author":1,"featured_media":88562,"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":[2564],"tags":[54,288,10,2375,3011,102,2674,494,2259],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-bahri","tag-enterpriseam-ksa","tag-general-authority-for-food-security","tag-halo-space","tag-maaden","tag-nesma","tag-space","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"556ee91d-889b-4f96-9034-58fe46012ba9","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/684.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Two pipeline M&A transactions in the ins. + healthcare sector. 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