Mubarrad acquires 95% stake in Amenco for SAR 180 mln

10/05/2015 Argaam
Saudi Land Transport Co. (Mubarrad) has paid a total of SAR 180.3 million to acquire a 95 percent stake in Arabian Security Safety Services Co. Ltd. (Amenco), the company said in a statement to Tadawul. 
 
Mubarrad said it signed on Thursday the newly amended Memorandum of Association, which includes the appointment of Nadir ben Rashid Al-Nassir as chairman of Amenco’s board.
 
The acquisition will have a positive impact on the company’s overall operations, Mubarrad 
​added
. The company will issue unified financial statements starting in second quarter. 
 
​In 2014, ​
Amenco generated SAR 400 million in revenue, with a profit of SAR 33 million.

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