Saudi Industrial Export inks MoU to acquire contractor

Saudi Industrial Export Co.​​ ​(SIECO) on Wednesday signed a six-month memorandum of understanding (MoU) to buy a 100 percent stake in TAAQAAT Technical Co. for Contracting, the company said in a statement to Tadawul.

Under the MoU, the parties agreed on the initial deal value, which will be paid through a share swap deal. SIECO will issue new shares to TAAQAAT shareholders through a capital increase process.

Alistithmar Capital was hired as financial advisor for the deal.

SIECO added that the capital hike is subject to approval of the regulatory authorities and the shareholders. No related parties were involved in the deal, the statement added.

On January 22, SIECO’s board of directors had approved the acquisition of a 100 percent stake in the Saudi contractor.