SARCO says MoUs signed to acquire 2 firms expired, no deal reached

Logo of Saudi Arabia Refineries Co. (SARCO)

Saudi Arabia Refineries Co. (SARCO) announced that the memoranda of understanding (MoUs) signed with German Saudi Industrial Co. (GESICO) and Golden Compass Mining Services Co. expired with no binding agreement reached.

No financial impact shall be entailed as a result of this.

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In two separate statements to Tadawul, the company said it will continue to explore investment opportunities, either with GESICO or otherwise. It also vowed to announce any material events as and if they occur in accordance with the relevant regulations.

In July 2024, SARCO inked two non-binding MoUs to acquire entire ownership in GESICO and Golden Compass Mining Services, via share swap deals for shares held by shareholders of both GESICO and Golden Compass and issuing new shares through a capital increase as part of the proposed deals, according to Argaam’s data.

The MoUs had been extended last October for three additional months.