SASCO finalizes Zaiti share transfer for SAR 61.4 mln

29/04/2015 Argaam

Saudi Automotive Services Co. (SASCO) said it had closed the purchase of Zaiti Petroleum Services Co. for SAR 61.4 million.

 

A 95 percent stake, or 3.56 million shares owned by Madaen Star Group and a five percent stake, or 187.5 thousand shares owned by Majed Mohamed Al-Othman, were transferred to SASCO’s 99 percent-owned subsidiary Automotive & Equipment Investment Co.

 

The company paid an initial purchase value of SAR 58 million and SAR 3.37 million as a difference between the value estimated on November 30, 2014 and the current price.  

 

Other procedures and settlements, including actual liquidity, debts, and working capital are expected to be finalized in three months. 

 

The Tadawul-listed company expects the deal's financial impact to appear in Q2. 

 

According to data available on Argaam, SASCO signed an agreement last year to take over Zaiti at an initial value of SAR 58 million.  

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