Anaam signs SPA to buy 55% of ARW Industry for SAR 15 mln

Logo of Anaam International Holding Group

Anaam International Holding Group signed today, April 26, a binding sale and purchase agreement (SPA) to acquire 55% of ARW Industry Co.

The deal's total value is SAR 15 million, Anaam said in a bourse filing. The value will be paid in cash from the company's own resources in order to finance increasing production lines and support sales.

The agreement with ARW Industry is subject to a number of terms, including without being limited to, the approval of the relevant government authorities and the completion of certain legal procedures.

There are no related parties to the agreement, Anaam noted.

The acquisition is aimed to diversify Anaam's business, and make use of the medical sector potential, which is vital to developing the local economy, diversifying sources of income, and increasing the Kingdom’s GDP.

Any substantial developments related to the agreement will be disclosed later, the company concluded.

Anaam signed, on Dec. 26, 2021, a non-binding memorandum of understanding (MoU) to acquire 55% of ARW Industry, at an initial price of SAR 23.5 million.

ARW Industry manufactures medical supplies at its factory located in Jeddah Third Industrial City.

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