Lana acquires Saham Environmental Services for SAR 5M

Logo of Lana Medical Co.

Lana Medical Co. fully acquired Saham Environmental Services Co. for SAR 5 million, the company said in a statement to Tadwaul, adding that the acquisition will be financed through internal cash flows.

The primary objective of the acquisition is to offer commercial waste disposal services, along with handling demolition and construction waste. The move capitalizes on Saham's extensive 18-year expertise, broad customer base, and substantial capabilities in catering to the commercial and contracting sectors. Notably, Saham is recognized as a leading and well-established entity in its industry.

This acquisition is geared towards fortifying Lana's capacity to deliver a diverse range of environmental services, facilitating the expedited growth of its environmental operations through an expanded suite of services. It aims to propel the company's environmental segment, fostering expansion into additional categories in the future.

Lana emphasized that the acquisition is in alignment with its strategy focused on expansion and exploration of investment opportunities within the environmental sector. This move is expected to yield benefits for both the company and its shareholders.

The company underscored that this step aligns with the goals outlined in the Kingdom's Vision 2030 for the environmental sector. Lana currently possesses a portfolio of environmental services, including the transportation and treatment of high-risk medical waste, operating multiple stations throughout the Kingdom.

Lana expects the financial impact of the deal to appear in its financials starting from the first quarter of 2024.