{"id":88669,"date":"2024-08-13T00:00:00","date_gmt":"2024-08-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/13\/a-handful-of-tie-ups\/"},"modified":"2024-08-13T00:00:00","modified_gmt":"2024-08-13T00:00:00","slug":"a-handful-of-tie-ups","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/13\/a-handful-of-tie-ups\/","title":{"rendered":"A handful of tie-ups"},"content":{"rendered":"

Sasco unit looks to acquire 70% of Tadbeer:<\/strong> Saudi Automotive Services (Sasco) subsidiary Investments and Equipment<\/a> has signed an MoU that will see it acquire a 70% stake in Tadbeer Recruitment<\/a> in a SAR 85 mn transaction, according to a disclosure to Tadawul<\/a>. The MoU is valid for three months, subject to extension.<\/p>\n

The caveat:<\/strong> 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.<\/p>\n

ADVISORS- <\/strong>Sasco has tapped Sultan Al Shubaili to conduct a fair-value study for Tadbeer, while a separate consultant is yet to be appointed for legal and financial due diligence. Tadbeer hasn\u2019t appointed a financial advisor during this phase.<\/p>\n

\n

IN OTHER M&A NEWS-<\/p>\n

#1- Tadawul-listed Buruj Cooperative Ins. <\/strong>founding<\/strong> shareholder offloads entire stake:<\/strong> United Yousef M. Naghi Company has exited Buruj in a SAR 22.5 mn private sale and purchase transaction with Al Yusr Investment Gates, selling a 5% stake (1.5 mn shares), according to a disclosure to Tadawul<\/a>. The move is pending regulatory approvals. The company has 30 mn issued shares, with a market cap of SAR 578 mn.<\/p>\n

Market reax: <\/strong>The company\u2019s share prices declined 0.2% to SAR 18.3 apiece at yesterday\u2019s close.<\/p>\n

\n

\n

#2- Doha Factory will acquire a 45% stake in Saudi-based cement products company <\/strong>Saudi <\/strong>Land Factory <\/strong>by transferring the ownership of its production lines in Doha Concrete Molds Factory to Saudi Land Factory, according to a disclosure to Tadawul<\/a>. Saudi Land Factory is 100% owned by Tadawul-listed Saudi Vitrified Clay Pipes (SVCP)<\/a>.<\/p>\n

ALSO- <\/strong>SVCP has also signed a partnership agreement with Laffan Qatar that will see the Qatar-based company own a 45% stake in SVCP\u2019s subsidiary Laffan Pipes, according to a separate disclosure<\/a>. The transaction will see Laffan Qatar pay for the acquired shares by transferring the production lines of its Doha plant to produce high-density plastic pipes and accessories to the ownership of Laffan Saudi. <\/p>\n","protected":false},"excerpt":{"rendered":"

Sasco\u2019s Investments and Equipment is offering SAR 85 mn for the stake in Tadbeer<\/p>\n","protected":false},"author":1,"featured_media":88670,"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":[2467,2988,10,207,3024,14,915,3025],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-automotive","tag-buruj-cooperative","tag-enterpriseam-ksa","tag-financial-services","tag-investments-and-equipment-company","tag-ma-watch","tag-saudi-automotive-services","tag-tadbeer-recruitment","wpautop","entry"],"acf":{"mongo_id":"65cbb921-3fd2-4f73-922f-5a1dc2878d91","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/545.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sasco subsidiary acquiring 70% of Tadbeer + Buruj Cooperative Ins. founding shareholder sells stake to Al Yusr","related_issue":[88664],"teaser":"Sasco\u2019s Investments and Equipment is offering SAR 85 mn for the stake in Tadbeer","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.5f50bc5e-f290-4359-ada0-ede1820887c7.mp3"},"yoast_head":"\nA handful of tie-ups - 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