Alwasail receives GAC approval for Shawcor CPS Middle East acquisition

Logo of Alwasail Industrial Co.

Alwasail Industrial Co. announced the issuance of a non-objection document from the General Authority for Competition (GAC) regarding its acquisition of the entire shareholding of Shawcor CPS Middle East Limited.

This approval aligns with the GAC decision No. 710 dated Nov 9, 2023, indicating no objection to the company's completion of the economic concentration process through the acquisition of the entire shareholding of Shawcor CPS, the company said in a statement to Tadawul.

Alwasail Industrial added that the acquisition progressed to 70% so far, with the purchase expected to be completed by Dec. 31, 2023.

The company will announce all related substantial developments in this regard.

In June, Alwasail Industrial signed a purchase agreement to acquire the entire shareholding of Shawcor CPS for SAR 2 million, according to data available on Argaam.

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