Molan Steel fully acquires Mayar International Industry

Logo of Molan Steel Co.

Molan Steel Co. signed on Dec. 26 a contract with Yara International Ltd to acquire 100% of Mayar International Industry for SAR 34.88 million.

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In a statement to Tadawul, Molan said the acquisition will be financed through its internal resources, noting that the deal involves transferring the commercial registration of Mayar International to Molan.

It also includes transferring all assets, licenses, and headquarters of Mayar International, as well as the latter’s ownership of the "Cool Master" trademark.

The payment will be made in seven monthly installments, the statement added, noting that Molan will assume the debt owed to the Saudi Industrial Development Fund.

Mayar International specializes in manufacturing refrigerators, freezers, water coolers, and electric fans, Molan noted, pointing out the acquisition aims to add an industrial arm to boost its vertical growth and reduce the impact of iron price fluctuations through value-added products.

The company emphasized that this step aligns with its expansion strategy, targeting growth and development. It expects the acquired plant to contribute positively to its sales and profits starting from the first quarter of 2025.

Molan anticipates gradual growth in profit through factory development and increased production capacity.

The expected impact of the acquisition on the company and its operations includes increased revenue and profitability, as well as growth in assets and liabilities, in addition to expansion in the Saudi market.

To review Mayar International financial statements.