Al-Hassan Shaker fully acquires Asdaa Co.

Al-Hassan Ghazi Ibrahim Shaker (Shaker Co.) announced on Tadawul the completion of the required regulatory formalities for the full acquisition of ASDAA Company and the transfer of 95% of the shareholding ownership to Al-Hassan Shaker Company and 5% to Ibrahim Shaker Company which is a fully owned company by Al-Hassan Shaker Co.

Accordingly, ASDAA Company Certificate of Registration will be amended and updated to reflect the new ownership of ASDAA Company by Shaker Companies.

This acquisition transaction was financed from Shaker company’s internal resources and the consolidation of ASDAA Company financials, by Shaker Company, will be effective the Fourth Quarter of 2014.
 

According to Argaam; Al-Hassan Ghazi Ibrahim Shaker Company signed a deal on September 11^th to take full control of Asdaa Al-Khaleej Trading Company, the home appliance distributer based in Saudi Arabia, for SAR 20 million.

Asdaa Al-Khaleej Trading Company is 52.4 percent owned by Adwaa Al-Sawwan Trading Company, while the remaining stake is held by Mr. Abdullah Abdulrahman Al-Shuraim.